Facebook to launch Libra cryptocurrency in January 2021

In January 2021, it is planned to release a digital currency from the Libra project in a “limited format”. Representativesthe teams shared these plans with the Financial Times.

At the moment it is known that stablecoinwill not be tied to a basket of several fiat currenciesas suggested by the original concept. Recall that in April 2020, the Libra Association decided to move away from its ideas due to requirements from regulators in the United States and other countries. As a result, the developers have updated the white paper, announcing their intention to create several stablecoins, each of which will be pegged to different fiat currencies - the dollar, the euro, the pound.

After a year of scrutiny from global financial regulators, cryptocurrencyLibra will be launched in the form of a digital currency backed by the US dollar.

Referring to the three members of the Libra project, the Financial Times wrote that in the future, the Libra Association will add more fiat currencies to the basket of assets that support the value of Libra.

The exact launch date is not yet known and will bedepend on when the Libra Association gets approval to operate as a payment service from the Swiss Financial Markets Authority (FINMA).

A FINMA spokesman declined to comment on the exact launch date for Libra:

«In accordance with normal practice, FINMA will not provide public information about the current status of the procedure and the timing of its completion».

According to the Financial Times, several Libra members believe that the appointment of HSBC chief attorney Stuart Levy as CEO was a turning point in the progress of the Libra project.

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