The blockchain-based crypto coin developed by social media platform giant Facebook is reportedly launching its much anticipated digital currency Libra in January.
The people associated with the Libra project reported currency will launch a single coin backed one-for-one by the dollar and thus launching in limited format with other currencies updates initiating later. The Libra project is yet to be approved by the Swiss Financial Market Supervisory Authority and the exact date of the launch will be announced after the approval of the FINMA. The regulatory authority initiated the process of the licensing application after Facebook had submitted the revised Libra Project in April 2020.
The earlier launch of Libra in 2019 didn’t go well with the regulatory establishment which was initially backed by PayPal, Mastercard, Vodafone, and eBay. The regulators warned about how the cryptocurrency Libra may destabilize the monetary equation and represent a possible source of money laundering.
The initial founder PayPal decided to withdraw from the Libra project. Other founders including Visa, Mastercard, Stripe, Mercado Pago, eBay, and Vodafone pulled out of the project citing regulatory issues. Facebook also confirmed, once the Libra is launched successfully, Messenger and WhatsApp users can be accessed through digital wallet Caliber.