After a rocky route with the United States Securities and Exchange Commission, key determination-makers at Libra have gone dorsum to the drawing lath to re-tool their cryptocurrency platform to be more palatable to regulators.

First of all, Libra has applied for a payment system license from Swiss regulator FINMA (Swiss Fiscal Markets Supervisory Authorization). This is a huge milestone on the way to some publicly usable Libra payments system, but there is still work to be washed. Libra'south licensing process will continue to require input from other primal banks and financial regulatory authorities around the globe. Merely the traction is positive for now — Libra is on its way to existence able to offer monetary and banking services.

There are besides a number of underlying technical changes taking place. Get-go, Libra'southward multi-currency stablecoin LBR will be backed past new stablecoins, instead of past fiat currencies living in a banking concern account somewhere. Libra co-creator David Marcus tweeted that "the most notable evolutions" are "the creation of unmarried currency stablecoins," similar USD, EUR, and GBP, in addition to the Libra money.

This updated design is made possible past a smart contract that ties together the fixed nominal weights of underlying stablecoins. It also happens to limit Libra's flexibility, since calculation or removing a currency from the basket would require issuing or retiring another digital token.

The 2nd major update is to the Libra white paper, which has been retooled in light of the previously described technical changes. The start version described Libra as a permissioned network controlled by the Libra Association, and the plan was for information technology to go permissionless in the next five years.

But the revised white paper outlines a more compliant roadmap for Libra's future, limiting what people tin can do on the network. Unhosted wallets volition be subject field to balance and transaction limits, for example, and the network volition only be attainable to regulated crypto companies at the start.

Where Libra was previously stuck in regulatory purgatory, the gears appear to be turning more methodically lately.