One of the major benefits of cryptocurrency, many of its proponents say, is that it is not linked to any fiat currency or controlled by any central bank. Bitcoin rose to popularity over the past decade as the non-traceable, independent currency that would fund the Libertarian paradise. 

Facebook’s Libra was meant to function in much the same spirit, but after facing a whirlwind of backlash from regulators, government entities, and other groups, Mark Zuckerberg’s proposed cryptocurrency is walking back a bit on some of its original intent. 

Facebook now says Libra could actually be multiple cryptocurrencies backed by different existing currencies, like the dollar, rather than having one single digital token. “Instead of having a synthetic unit … we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc,” Facebook’s blockchain head, David Marcus, told CNBC.

We would guess Libra will undergo further changes as Facebook seeks to make it more palatable to regulators and politicians.