Facebook denies reports it is backing away from Libra cryptocurrency

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Facebook is poised to shelve its own Libra cryptocurrency proposal, two media reports indicated on Tuesday. But Facebook said it remained committed to the project-and one of the two media outlets has partially walked back its initial report.

A new report from The Information, citing "three people familiar with the matter," said that Facebook has decided not to support the new virtual currency in its own products. Instead, Facebook will offer users the ability to make payments using conventional currencies like the dollar and the euro. The rollout of Facebook's expected digital wallet software will also be delayed by "several months," The Information reported.

Update: In a subsequent tweet, The Information's Alex Heath wrote that he spoke to Facebook and now believes that the company "will support the original Libra token concept in its wallet. But expect it to emphasize the new digital government currencies it plans to introduce."

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