Facebook may launch Libra early next January, but with a new situation

Press sources said today, Friday, that the encrypted Libra currency from Facebook is ready for launch in early January, according to three unknown persons who participated in the project.

According to the sources, quoting a person: The Libra Association, which is based in Geneva, Switzerland, which will issue and control the cryptocurrency, plans to launch a single digital process supported by the dollar.

This step will represent a greater reduction in the project’s ambitions compared to those announced last April, in response to the organizational and political backlash against the project.

Libra – revealed by Facebook last year – was relaunched in a diluted form after regulators and central banks around the world raised concerns that it could harm financial stability and undermine the prevailing authority over money.

The Libra Association – of which Facebook is one of its 27 members – is seeking the green light from the Swiss Market Watch to issue a series of stablecoins backed by single conventional currencies, as well as a token based on stablecoins with a fixed exchange rate.

However, as part of the authority’s new plan, other currencies supported by conventional currencies, in addition to complex currencies, will be introduced at a later time, according to the Financial Times.

A report published last October stated that financial leaders in the world’s seven major economies are opposed to launching Libra in order to be properly regulated.

The report said that finance ministers and central bank governors of the United States, Canada, Japan, Germany, France, Italy and Britain believe that digital payments can improve access to financial services and reduce inefficiencies and costs.

It is noteworthy that stablecoins are designed to avoid the fluctuations typical of cryptocurrencies, such as: Bitcoin, which in theory makes them more suitable for payments and transfers.

Related Stories

Stay on op - Ge the daily news in your inbox

Recent Articles