Facebook to scale back on its Libra plans

Facebook to scale back on its Libra plans

 Representative image. (Reuters Photo)

Facebook Inc will scale back on its plans for Libra global digital currency and will not make it available on its own services for now amid regulatory scrutiny, The Information said on Tuesday.

The company will offer only digital versions of government-backed currencies including the dollar and euro, the report added citing people familiar with the matter. 

Facebook did not immediately respond to a Reuters request for comment.

Facebook announced in June last year a plan to launch Libra in partnership with other members of the Libra association, but the project quickly ran into trouble with skeptical regulators around the world.