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Has Facebook removed bank deposit currencies of USD, EUR, GBP, JPY from Libra’s whitepaper?

Akash Anand

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Facebook's Libra whitepaper speculated to have removed bank deposit currencies of USD, EUR, GBP, JPY
Source: Pixabay


Facebook’s entry into the world of cryptocurrencies has been nothing short of sensational, with several crypto-proponents and mainstream players commenting on what could be the next big thing in the world of digital assets.

A week after the Libra’s introduction by the Mark Zuckerberg-led company, some analysts have spotted some changes in Libra’s whitepaper. Bobby Ong, Co-founder of CoinGecko, revealed that the company has been researching Facebook token’s whitepaper, following which he tweeted,

“…it seems like they have removed the bank deposit currencies of USD, EUR, GBP, JPY from their whitepaper. I remember reading it last week when it launched but they are now nowhere to be found in the whitepaper.”

Libra’s whitepaper had stated that it will not always be able to convert the same amount of a given local currency. Rather, it will be converted as the value of the underlying assets, following which the value of an individual Libra will also fluctuate. When Libra was first introduced, it was also said that the Libra blockchain will implement the Libra BFT consensus protocol, a variant of HotStuff Byzantine Fault Tolerant consensus protocol. Facebook also claimed that Libra’s launch will tackle specific areas of interest such as transactions speed and privacy, parameters that will be overlooked by a separate organization called Calibra.

The change in the whitepaper’s details has sparked some debate within the community, with many members claiming that the exclusion of popular fiat currencies for bank deposits would play against the social media giant.

Speaking about Libra during its whitepaper release, Facebook had said,

“When data is stored on the Libra Blockchain, a transaction will be associated with metadata containing the time the transaction was committed to the blockchain and the validator node that added the transaction to the blockchain. Transactions do not contain links to a user’s real-world identity.”





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