Facebook Plans to Launch Libra in January 2021
Facebook is reportedly planning to launch its ambitious project Libra as early as January 2021. The digital currency will be launched in a limited format than originally anticipated.
According to a report by the Financial Times on Friday, three people associated with the Libra project confirmed that the company may only introduce a single dollar-pegged stablecoin, means it will launch a single coin backed 1:1 by the US Dollar. The project is still pending approval from the Swiss Financial Market Supervisory Authority FINMA.
The Libra project was officially announced on 18 June 2019 and the original plan was to launch a token backed by the basket of global currencies. In 2020, due to regulatory pressure, the Libra association dropped the idea of pegging the token with multiple fiat currencies.
The ambitious project of Facebook has seen backlash from regulators worldwide. European and Australian authorities warned Libra Association against potential scams using its name.
In 2019, Paypal decided to withdraw support for the Libra project. In addition to PayPal, other names including Visa, Mastercard, Stripe, Mercado Pago, eBay, and Booking Holdings also pulled out of the project citing regulatory issues.
Nov. 30, 2020