Facebook’s long-awaited crypto coin project is getting ready to launch as a single coin as early as January 2021. According to sources, Libra will be launched on a scaled-down version of the social media giant’s original plan.
Published on the revised Libra whitepaper, the 27-strong Libra Association first planned to launch virtual versions of many fiat money in the proposed Libra basket. The group shared last April that this includes:
- librausd or USD,
- libraeur or EUR,
- libragbp or GBP, and
- librasgd or SGD.
Be that as it may, the group scaled down its vision by opting to launch a single coin backed one-for-one by the dollar. Meanwhile, the other currencies and composites are said to be rolled out at a later date.
Moreover, the exact release date of the Libra coin will be based on the time period in which the project gets approval to run as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). Its application was first put into motion in May 2020.
Facebook unveiled the Libra project in June 2019 but its plans were cut down after it was nitpicked by regulators all over the world. Its critics have pointed out that it could threaten financial stability and turn the project into a breeding ground for money laundering.
With the trimmed scope, it may make peace with wary regulators but other experts have complained that a move to a single-currency coin could affect users looking to convert currencies with extra costs, hurting its vision to allow a greater fiscal inclusion.
Initially launched by Facebook executives, Libra went through a difficult start when a wave of its founding members quit between late 2019 to early 2020. This also included industry giants such as PayPal, Mastercards, Vodafone, and eBay. It is said that these companies distanced themselves from the project due to its controversies.
The Libra Association is made up of 27 developers that include Facebook’s David Marcus who is also the Head of the social media giant’s subsidiary, Novi Financial (formerly Calibra).
In a press release published by Facebook, the group said, ‘The first product Novi Financial will introduce is the Novi digital wallet designed for Libra, a new payment system which is built on innovative blockchain technology’.
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