Facebook tries again with its Bitcoin rival

Facebook’s planned rival to Bitcoin could now launch by mid-November.

That’s around five months later than planned.

But the so-called Libra cryptocurrency has faced some sharp criticism.

Opponents are alarmed by the thought of Facebook’s 2.5 billion users adopting it.

They say that could destabilise monetary policy, aid money laundering and erode privacy.

Countries including France and Germany said they could block it.

Now Libra’s governing body has a new plan it hopes will mollify sceptics.

It says Libra will now offer a series of so-called ‘stablecoins’, each backed by a single national currency.

The dollar, euro and sterling are likely.

There will also be a Libra Coin that is a composite of the different currencies.

A college of central banks and regulators from 20 countries will have a say in its licensing.

Libra says the redesign will help governments transform payment systems, and deliver its initial goal of helping people who lack access to banks.

The sceptics will be taking a very close look.