The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

With more and more allies "defecting" and increasing regulatory pressure, Libra has to consider changing its path. From the initial proposal to link to a "basket of currencies" to the current consideration of linking to legal currencies such as the US dollar, Libra seems to be trying to take a step back in exchange for regulatory approval. After all, Facebook CEO Zuckerberg will "go to the meeting" in two days, and a storm of questioning is inevitable. I wonder if JPMorgan Chase CEO Jamie Dimon's comment that "Libra is a good idea, but it will never be realized" will come true.

According to Reuters, on the 20th local time, Facebook said it was considering linking its global digital cryptocurrency Libra to a single legal currency, thereby replacing the originally proposed plan to link to several legal currencies. "We can take different approaches to create a series of stablecoins, such as stablecoins linked to the US dollar, stablecoins linked to the euro, and stablecoins linked to the pound, instead of the originally designed stablecoins linked to a basket of currencies." That day, David Marcus, head of the Libra project, said so at a banking seminar.

However, Marcus also said that he was not suggesting that stablecoins pegged to a single fiat currency were the group's new priority. According to him, they were concerned about fulfilling their mission, and there were many ways to do this, and Libra needed to show greater flexibility. "We can completely solve this problem with a large number of stablecoins, which represent the currencies of various countries in a tokenized digital form."

In the original plan, Libra's ambitions went far beyond this. According to the white paper previously released by Libra, Libra will anchor a basket of currencies consisting of multiple fiat currencies to control price fluctuations within a certain range. It is understood that the proportion of its basket of currencies is 50% US dollars, 18% euros, 14% Japanese yen, 11% British pounds and 7% Singapore dollars. In addition, Libra will also pay dividends to holders, making the entire system closer to a bank.

But the world has seen the subsequent results. The regulatory pursuit has repeatedly made Libra hover on the edge of stillbirth. Recently, the BBC also reported that the Group of Seven recently drafted a report on cryptocurrencies, saying that cryptocurrencies such as Libra pose risks to the global financial system and require Facebook not to promote the Libra plan before proving the security of its cryptocurrencies.

Prior to this, Federal Reserve Chairman Powell had bluntly stated that Libra has caused problems involving privacy, money laundering, consumer protection, financial stability and many other aspects. The U.S. House of Representatives Financial Services Committee has sent a letter to Zuckerberg and other Facebook executives, asking them to immediately stop all work on the digital currency project Libra and the digital wallet Calibra. Yves Mersch, a member of the European Central Bank's Executive Board, pointed out at a meeting of the European Central Bank System that Libra may weaken the ECB's control over the euro, affect the liquidity of eurozone banks, and thus endanger the monetary policy transmission mechanism, and may also erode the international status of the euro.

The supervision is overwhelming, and even if Libra can still rely on Facebook to "just" get on the wave, other members are not so confident. So far, six organizations including PayPal have successively announced their withdrawal from the Libra Association. Currently, there are only 21 members left in the association, while in the original white paper, Libra's target members are 100.

Today, Libra is considering abandoning the anchoring of a basket of currencies and turning to a series of stablecoins. The timing of this news is also somewhat remarkable. On the upcoming 23rd, Zuckerberg will attend the hearing as the only witness. The theme of the hearing is "Examining Facebook and its impact on the financial services and real estate industries." Prior to this, Marcus had attended the Libra hearings held by the House Financial Services Committee and the Senate Banking Committee for two consecutive days in July this year.

Obviously, Marcus' explanation is not enough to dispel regulatory concerns. Only the answer of Libra's No. 1 figure seems to be meaningful. It is worth noting that this hearing will be Zuckerberg's first official appearance in Washington since he testified on the Cambridge Analytica scandal in 2018. It is certain that Zuckerberg will be surrounded by many spotlights again this time.

Under heavy pressure, Marcus has admitted that Facebook still plans to launch this cryptocurrency in June 2020, but due to many regulatory obstacles, it may not be able to achieve this goal. Regarding the launch time and regulatory pressure, the Beijing Business Daily reporter contacted Libra, but no response was received as of press time.