Facebook’s long-awaited Libra currency will launch in January

On October 23, 2019, October 23, 2019, Facebook President and CEO Mark Zuckerberg testifies before the House Financial Services Committee on “A Review of Facebook and Its Impact on Financial Services and Housing Sectors” in the Rayburn House office building in Washington, DC.

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Libra, a new cryptocurrency created by Facebook and others, could be launched in January but in a limited format, according to a Financial Times report, which cited sources familiar with the matter.

The Libra Association, which has 27 members including Facebook, had plans to launch digital versions of several traditional currencies. But now it is rumored that he is only planning to launch a single dollar-backed coin.

The downsizing of the project, which was initiated by a group of Facebook executives, comes after global regulators warned that an influx of new pound coins could threaten monetary stability. Facebook did not immediately respond to CNBC’s request for comment.

Read the full story in the Financial Times here.

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