Facebook is backing away from Libra, the cryptocurrency it proposed last summer, for the time being.

Instead, the social media giant will develop several separate digital tokens, each pegged to a different government-issued currency such as dollars and euros, The Information reported on March 3, citing three persons familiar with the matter. These new tokens will be available through Facebook's digital wallet Calibra, which was originally designed to support the Libra token, and users can make transactions and purchases with these tokens using the Calibra wallet.

According to The Information, Facebook is looking to roll out the wallet and the digital currencies around the same time, although the wallet launch was pushed back from June to October. The wallet, which the company hopes to make available on WhatsApp and Messenger, may be initially restricted to certain countries based on the local currencies it supports.

Separately, the Libra Association will forge ahead with the Libra token, pegged to a basket of government-issued currencies. It is unclear when Facebook plans to resume support for the Libra token.