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Facebook Plans To Relaunch Libra Cryptocurrency In January 2021

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Facebook is planning on launching its Libra cryptocurrency as early as January 2021. Financial Times broke the story on Friday 27th November 2020, citing three unidentified people involved in the project.


Libra was unveiled initially by Facebook in 2019, but after several points of concern were highlighted by central banks and financial regulators across the world, it will be relaunched in a toned-down form. Some of the concerns were that it could upset financial stability.


Libra is a Geneva-based Association and will be responsible for issuing and governing its proposed single digital coin backed by the dollar according to the Financial Times. The Libra Association is seeking approval from Switzerland’s markets watchdog to issue a series of stablecoins that will be backed by individual traditional currencies.

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It is also seeking to issue tokens based on the currency-pegged stablecoins. Facebook is one of the 27 members of the association. According to Financial Times, under Libra’s new plan, other coins backed by traditional currencies, as well as the composite, would be introduced at a later date.


Swiss Financial Market Supervisory Authority (FINMA) confirmed receipt of Libra’s application for a payment license in April 2020. For clarity, although it should launch in January 2021, the exact launch date for Libra is still unknown. This ultimately depends on when the Libra Association receives regulatory approval by FINMA, to operate as a payments service.


Major regulatory scrutiny had caused member companies like PayPal and MasterCard to leave the project. However, it should be more smooth sailing now that it will be backed by just one currency, the US Dollar.


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