Facebook’s Libra To Go Live As Early As January 2021 As A Dollar-Backed Stablecoin

Facebook’s Libra To Go Live As Early As January 2021 As A Dollar-Backed Stablecoin
ôîòî ïîêàçàíî ñ : zycrypto.com

2020-11-27 16:38

Despite Facebook’s various obstacles, the social media giant is set to finally launch its digital currency. According to reports, the much-anticipated Libra currency might launch as soon as January 2021, but in a more reduced capacity than the original ambitious model.

In the wake of harsh regulatory scrutiny, Libra will launch as a U.S dollar-pegged stablecoin, the Financial Times reported on Friday. Three people involved with the digital currency project told the financial publication that the Libra Association is planning to add more fiat pegs at a later date after the necessary regulatory and legal compliances.

The launch date of the limited version is not yet concrete as the Libra Association is still awaiting approval by the Swiss Financial Market Supervisory Authority (FINMA) to operate as a payments service — with the go-ahead expected in January.

Facebook’s Constant Challenges With Libra

Libra was first announced in June 2019 and was supposed to be a global stablecoin pegged to various national currencies and backed by multiple billion-dollar corporations. Regulators in jurisdictions across the globe, however, pounced on the project and took action to halt the development of the digital currency.

U.S Congress expressed malice toward Facebook and its Libra project. France and Germany also threatened to block Libra, citing that the initiative was a risk to their monetary and financial stability.

Moreover, Libra’s partnerships are also on the rocks. While a few new members have joined the project, multiple high-profile partners like Mastercard, PayPal, and Stripe left soon after it was announced.

Originally, Libra was intended to be a stablecoin backed by a basket of fiat currencies and treasury securities. But in a bid to appease regulators, the Libra Association announced that it would instead be launching a multi-currency stablecoin backed by a basket of fiat-pegged stablecoins. 

Now, the Facebook-backed crypto project is back on the news again with a new framework that further erodes its original ambitious plan. The limited version scheduled for January 2021 launch will be backed 1:1 by the U.S. dollar.

Whether Libra actually gets off the ground in January 2021 is anyone’s guess. However, its limited format might help ease regulators’ concerns.

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China Advised to Slow Down Its Pace on National Digital Currency

With China reportedly speeding up the development of its national currency, the digital yuan, some researchers and government officials have called on the Chinese government to exercise caution. While Facebook’s Libra might be a threat, there are suggestions that the government should instead work with global regulatory bodies to regulate cryptocurrencies such as Libra.

2020-1-28 12:00


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Is Japan Entering the Central Bank Digital Currency Space Too?

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Facebook’s Libra Has “Failed” As Central Banks Won’t Accept It – Switzerland Finance Minister

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2019-12-28 19:04


Facebook’s Active-User Network, A Third of Global Population, Sets Libra Apart From Others: Fed

The Governor Lael Brainard, of the US Federal Reserve on Wednesday stated Facebook’s digital currency project Libra faces a “core set of legal and regulatory challenges.” Social media giant’s stablecoin that is linked to fiat money and other sound assets to mitigate fluctuations in the price of cryptocurrencies like Bitcoin, remains unproven with a vague […]

2019-12-18 21:12


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Nobel Prize-Winner Myron Scholes Backs Stablecoin to Rival Facebook’s Libra

The Saga Foundation, a Swiss non-profit created last year dedicated to developing new technologies in open and decentralized software, is launching a new virtual currency called Saga (SGA). The token is connected to the International Monetary Fund’s (IMF’s) cash reserve that can initially only be owned by accredited and identified investors.

2019-12-10 21:00


Digital Currency Regulation Around the World

A conversation with Michelle Bond, Ripple’s Global Head of Government Relations  The entrance of Facebook’s Libra whitepaper has caught the world’s attention. While many look to the U.S. to help define a framework for digital assets and blockchain regulation, the question remains: Will policymakers strike the right balance between fostering innovation and protecting consumers? What … Continued The post Digital Currency Regulation Around the World appeared first on Ripple.

2019-8-9 23:00


Walmart Applies for a Cryptocurrency Patent for Its Stablecoin Mimicking Facebook’s Libra?

Multinational retail corporation, Walmart has filed for a patent with the US Patent & Trademark Office for what seems like the firm’s respective stablecoin, the Walmart Coin. As per the brief overview of the application, the need for a method was outlined as follows: “Generating one digital currency unit by tying the one digital currency […]

2019-8-3 19:47


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Survey finds adults couldn’t care less about Facebook’s Libra ‘cryptocurrency’

Facebook Libra’s potential to help cryptocurrency go mainstream has been touted in recent weeks, but recent survey results indicate otherwise.   According to a poll conducted by CivicScience, which looked into general interest and public concerns surrounding Libra following the announcement of its launch, only five percent of 1,799 US adults surveyed expressed any level of interest in the proposed digital currency.

2019-7-24 19:09


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