Facebook's cryptocurrency libra to launch as early as January: FT

Andrew Cummings
November 27, 2020

Facebook's stablecoin, Libra might get off the ground as early as January 2021, albeit in a more limited format than the original multi-currency basket envisioned, according to CoinDesk. Unfortunately, these suggestions did not appease regulators and the project continued to suffer the regulatory backlash.

Facebook may launch its cryptocurrency, Libra, as early as January 2021.

The independent, Geneva-based project, whose development was led by Facebook, was originally intended as an electronic medium of exchange backed by an array of assets, but independent of any national currency. FINMA, the Swiss regulator, did not elaborate beyond a statement https://www.finma.ch/fr/news/2020/04/20200416-mm-libra in April confirming receipt of the request payment license from Libra.

Despite Facebook's various obstacles, the social media giant is set to finally launch its digital currency. The current plan is to create multiple separate coins, which will be digital versions of already existing physical currencies, along with one "digital composite" coin based all of the other coins.

The group also said it no longer intends to move to a fully permissionless system over which no single authority has control, while maintaining the "key economic properties" of a permissionless system.

This is according to a report by the Financial Times, which cites three unnamed people involved with the project.

The Libra Association would launch other currencies and a "digital composite" of all of its coins at a later date.

While Libra may have initially stumbled out of the gate a dollar-backed stablecoin is a safer bet as it is not unique as there are multiple competitors in this market.

Libra Association, as a response to the criticism, later downgraded their grand plan.

The initial plans were to launch a Libra Stablecoin (LBR) backed by a bunch of leading currencies such as the US Dollar, Euro, Yen, and British Pound. The latest confirmed news concerns the appointment of Saumya BHAVSAR as General Counsel of Libra Networks.

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