Facebook is reportedly planning to launch its ambitious project Libra as early as January 2021. The project, however, is still pending approval from FINMA.
November 27, 2020 | AtoZ Markets – Facebook’s long-awaited controversial stablecoin, Libra, developed in the United States may launch in January 2021 at the earliest, according to the Financial Times report.
Facebook Libra launches in 2021
In order to launch, the Libra Association needs to obtain a “license” for payment services from the Swiss Federal Financial Markets Supervisory Authority (FINMA), which could happen in January 2021.
The Facebook Libra project was announced on June 18, 2019.
Facebook initially planned to issue multiple fiat currencies as supporting assets as global stable coins. However, as the governments in different European countries expressed concerns about regulatory violations, the social media giant was forced to change from a basket-type to a single fiat currency type system.
According to media reports, the Libra Association will first issue a US dollar version of Libra, followed by Libra tokens in other fiat currencies.
Members of the Facebook Libra Association
Initially, major payment companies such as Visa, Mastercard, and PayPal were members of the Libra Association. However, when the wind from the financial authorities of each country increased, they withdrew due to concerns about regulatory uncertainty.
Read also: Vodafone Quits Facebook Libra Association
At this time, it’s not clear how member companies will introduce US dollar Libra.
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