Illustration: Aïda Amer/Axios

The team behind the Facebook-backed Libra digital currency effort announced several key changes scaling back what once seen as a monetary instrument that could be used to rival and subvert national currencies.

Why it matters: The moves are designed to address concerns from governments and others, but also represent a further reining in of ambitions for the initiative, which launched with great fanfare last year.

Among the changes:

  • The Libra Organization will move to develop several individual digital "stablecoins" each tied to a different official currency. It will still develop a multicurrency coin, but that will be tied to the other single-currency coins rather than a basket of national currencies.
  • It's looking a lot less blockchain-y. Instead of the permissionless system originally envisioned, the Libra organization said it is exploring ways "to offer new entrants the ability to compete for the provision of core network services and participate in the governance of the Libra network while ensuring the Association's ability to meet regulatory expectations."
  • Facebook plans a more phased rollout.

Between the lines: The Libra effort has been seen as a way for Facebook to expand the ways it makes money as the company plots a shift toward private, encrypted messaging, which could limit advertising potential.

Go deeper: Don't bother worrying about Libra

Go deeper

America's rush for young poll workers

Note: Colorado is a mail-in ballot state, but they also offer in-person polls.; Map: Danielle Alberti/Axios

Local elections officials are sprinting to recruit younger poll workers ahead of November after elderly staff stayed home en masse to avoid coronavirus during primary elections.

Why it matters: A Pew Research analysis reports that 58% of U.S. poll workers in the 2018 midterms were 61 or older. Poll worker shortages can cause hours-long voting lines and shutter precincts.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 18,897,857 — Total deaths: 710,136— Total recoveries — 11,402,427Map.
  2. U.S.: Total confirmed cases as of 3:30 p.m. ET: 4,854,690 — Total deaths: 159,433 — Total recoveries: 1,577,851 — Total tests: 58,920,975Map.
  3. Politics: Pelosi rips GOP over stimulus negotiations: "Perhaps you mistook them for somebody who gives a damn" — Ohio Gov. Mike DeWine tests positive.
  4. Public health: Fauci says task force will examine aerosolized spread.
  5. Business: The health care sector imploded in Q2More farmers are declaring bankruptcyJuly's jobs report could be an inflection point for the recovery.
  6. Sports: Where college football's biggest conferences stand on playing.
2 hours ago - Podcasts

America's middle class pandemic

Each day that goes by without a COVID-19 stimulus agreement is another day of worry for many in America's middle class, which was already shrinking before the pandemic began.

Axios Re:Cap digs into middle class myths and realities with Jim Tankersley, a New York Times economics reporter and author of the new book, "The Riches of This Land."