Facebook to create its own payment system

Facebook is rethinking its plans for its digital currency after the authorities of the Group of Seven countries (G7: Great Britain, Germany, Italy, Canada, USA, France, and Japan) negatively perceived the project to issue the Libra cryptocurrency.

Report informs, with reference to Bloomberg, that the new payment system, to be created based on the Libra e-currency, "will allow transactions in US dollars, euros, and other currencies."

The agency said that the Libra Association consortium, consisting of more than 20 companies and organizations, including Facebook, will soon officially announce a new concept for the project.

According to Bloomberg, Facebook, however, does not abandon the idea of creating its cryptocurrency. "We are not talking about abandoning the original project, but about expanding it," the agency quoted the source as saying. Moreover, Bloomberg emphasizes that if the Libra project results in the creation of a payment system, rather than a global cryptocurrency, ordinary American citizens will not see much difference compared to existing systems like PayPal.