Facebook’s Libra cryptocurrency is reportedly preparing to launch with a single cryptocurrency, a scaled-down version of its original plan. Facebook’s Libra launch date could be as early as January.
Launch date for Facebook’s Libra
The libra cryptocurrency, proposed by social media giant Facebook, is reportedly preparing to launch as early as January next year. However, only a limited version of the libra cryptocurrency will be launched at that time.
According to the revised Libra white paper, the Libra Association intended to initially launch with some of the currencies in the proposed libra basket, such as “librausd or ≋USD, libraeur or ≋EUR, libragbp or ≋GBP, librasgd or ≋SGD),” he explained. ‘Association. However, the Financial Times reported on Friday:
The association would now initially only launch a single coin backed one by one by the dollar … The other currencies and the composite would be launched at a later time.
The exact launch date for the libra cryptocurrency will depend on when the project receives approval to operate as a payment service from the Federal Financial Market Supervisory Authority (FINMA). Three people familiar with the matter told the publication it could arrive as early as January. Libra’s application was initiated in May.
Facebook unveiled the Libra project in June last year and later downsized its plans after being scrutinized by regulators around the world. The Libra Association currently has 27 members, including Facebook’s David Marcus, who heads Facebook’s subsidiary Novi Financial, formerly Calibra. According to Facebook, “The first product that Novi Financial will introduce is the Novi digital wallet designed for Libra, a new payment system based on an innovative blockchain technology”.
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