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Libra crypto launch could happen in January 2021

Sources familiar with the matter revealed that Facebook could be launching a USD-backed Libra crypto as early as January next year.

Picture Gerd Altmann by Pixabay

Mon, 30 Nov 2020, 16:32 pm UTC

Libra, Facebook’s cryptocurrency, might already be launched by January 2021. However, reports suggest that the social media company will be launching a scaled-down version of its original plan.

Facebook is reportedly planning to launch Libra as early as January next year though the company will be launching it in a more limited format than previously predicted, Entrepreneur.com reported. Libra is the cryptocurrency proposed by the social media firm, which was met with delays due to concerns raised by regulators.

In the revised Libra whitepaper, the Libra Association originally planned to launch some of the currencies in the Libra basket such as the “librausd or ≋USD, libraeur or ≋EUR, libragbp or ≋GBP, librasgd or ≋SGD),” Bitcoin.com. However, it appears that the association will only be launching one cryptocurrency next year.

The Libra Association will be only be launching a single dollar-backed digital currency, according to reports that cited sources familiar with the matter. This could mean that the other currencies in the planned Libra basket will be rolled out at a later date.

The decision to launch only the dollar-backed Libra is “due to pressure from banks and regulatory bodies.” Regulators worldwide have raised concerns about its issuance such as the potential for Libra to cause the disruption of financial stability as well as erosion of the power of fiat currencies.

The issuance of Libra will still need the approval of the Financial Market Supervisory Authority (FINMA), which is in charge of supervising banks, insurance companies, and regulating financial markets. However, three individuals who knew of the matter said that it will be coming out as early as January.

If it gets the required approval, Libra will be competing with stablecoins such as Tether (USDT), USD Coin (USDC), and TrueUSD (TUSD). Stablecoins are cryptocurrencies that are backed by “more stable” assets such as fiat currencies with the aim of dampening their price volatility.

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