Facebook’s Libra may be launched as early as January 2021, initially only anchored to the dollar

0
wwwblockcastcc
wwwblockcastcc

 1,290 total views

A new report claims that the long-awaited digital currency Libra will come out as early as January 2021.

According to a report from the Financial Times on November 27, after more than a year of review by global financial regulators, Libra will be launched in the form of a digital currency pegged to the U.S. dollar. Libra, which anchors other currencies and a basket of currencies, will be launched It will be launched later.

“Financial Times” quoted three people involved in the Libra project as saying that the Libra Association’s plan will eventually add more fiat currencies to the assets that support the value of Libra.

The plan will be implemented in January next year, but the exact date is not yet clear, and it will depend on when the association obtains regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate as a payment service platform.

A FINMA spokesperson declined to comment on Cointelegraph’s possible launch of the digital currency Libra in January 2021. The spokesperson referred to a statement regarding Libra’s authorization process, which stated: “According to its practice, FINMA will not publicly disclose its ongoing authorization status, nor will it guess when the authorization may be achieved.”

The Libra Association did not immediately respond to Cointelegraph’s request for further information.

The Libra Association was established in June 2019. The association faced major regulatory scrutiny which led to the subsequent withdrawal of member companies such as PayPal and MasterCard from the Libra project. The currencies supporting Libra originally included several legal currencies such as the US dollar, the euro, the Japanese yen, the British pound, and the Singapore dollar.

According to the Financial Times, several Libra member companies believe that the appointment of HSBC Chief Legal Officer Stuart Levey as CEO is a turning point for the Libra project.

Disclaimer:

Blockcast.cc does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.