The Facebook led digital currency Libra is all set to be launched as early as January 2021. Libra is a cryptocurrency that is intended to be sent instantly, and with almost zero fee anywhere in the world. Its aim is to have a to stable value, with support from international currencies, such as the dollar, euro and yen.As reported in the Financial Times, it is believed that the Facebook Libra Cryptocurrency project will likely be even more limited than its already stripped-down plan. The Libra Association is now planning to to launch with a single cryptocurrency, a trimmed version of the original plan.
Facebook has not really received much love for Libra, which has changed in its goals and scope since the association publicly launched in mid-2019.The Libra Association had earlier intended to launch with some of the currencies in the proposed librakitty, like “librausd or USD, libraeur orEUR, libragbp or GBP, librasgd or SGD). However, the Financial Times reported, “The association would now initially just launch a single coin backed one-for-one by the dollar. It further said, “The other currencies and the composite would be rolled out at a later point.”
While the exact day of the launch has not been announced officially, Facebook Libra Cryptocurrency launch is dependent on the approval from Swiss Financial Market Supervisory Authority (FINMA)to operate as a payments service from the. Three people familiar with the matter said that they are looking at a launch in early January.
Facebook had announced the Libra project last year in May and had to later trim down its ambitious plans after it received a heavy scrutiny from regulators across the world. The Libra Association currently has 27 members, which also includes Facebook’s David Marcus, Head of Facebook’s subsidiary Novi Financial. According to Facebook, “The first product Novi Financial will introduce is the Novi digital wallet designed for Libra, a new payment system which is built on innovative block chain technology.”
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