Facebook’s Libra to Launch Dollar-Pegged Stablecoin in January

Facebook’s Libra to Launch Dollar-Pegged Stablecoin in January
ôîòî ïîêàçàíî ñ : beincrypto.com

2020-11-27 12:17

Facebook’s Libra digital currency project may finally hit the ground running in January 2021 with the launch of a dollar-pegged stablecoin.

The single digital currency pegged to the dollar is a far cry from the ambitious plans first introduced back in 2019.

Pushback from major financial regulators around the globe has likely caused the project to be downgraded significantly even as several nations pursue central bank digital currencies (CBDCs) in response to private stablecoins like Libra.

Limited Libra Stablecoin Roll-out Coming Early 2021

According to a report by the Financial Times (FT) on Nov. 27, Libra is working on modalities to introduce a digital currency specie in early 2021. Inside sources at the company say the Facebook-led project plans to roll-out a dollar-pegged stablecoin in January.

The proposed launch will depend on approvals from Switzerland’s Financial Market Supervisory Authority (FINMA). Libra previously applied for a payments license from the Swiss regulator back in September 2019.

Launching a single stablecoin appears to be another downgrade of the project. When first announced, the Libra digital currency system was to be a token backed by a basket of national fiat currencies.

Financial regulators, especially those in Europe railed against the idea. At the time, most opponents of the plan said Libra could jeopardize sovereign monetary policy control mechanisms across the world.

As previously reported by BeInCrypto, Libra has since made wholesale changes to the project. Back in June, the Libra Association published an updated white paper detailing that it would deploy multiple fiat currency-backed stablecoins.

According to FT sources, the other planned stablecoins in the Libra digital currency catalog will come at a later time.

A Change of Plans

In May, Facebook renamed the Calibra wallet to Novi. The Novi wallet will allow users to hold and spend Libra stablecoins.

Reports suggest the Novi wallet is ready for use but the plan is to stage a limited roll-out of the service across six high-volume remittance corridors including the U.S. and some countries in South America.

Facebook is also reportedly waiting on licensing approval from 10 state regulators in the U.S. including a BitLicense from New York.

While Libra moves closer to its launch date, many countries are experimenting with CBDCs. Major financial institutions like the Bank for Internation Settlements (BIS) are also proposing more robust regulations for private stablecoin projects.

The post Facebook’s Libra to Launch Dollar-Pegged Stablecoin in January appeared first on BeInCrypto.

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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


Ôîòî:

Is Japan Entering the Central Bank Digital Currency Space Too?

Recent reports indicate that Japan might be moving towards launching its own CBDC, although uncertainty remains high due to reports that deny the decision. Japanese lawmakers might be moving in on the crypto space Ever since Facebook confirmed the rumors that it plans to launch its own cryptocurrency, lawmakers, regulators, and central banks around the world started taking the crypto sector a lot more seriously.

2020-1-24 14:32


Facebook’s Libra Stablecoin Put Central Banks On Notice, Causing Bankers To Look Into CBDC’s

A former Executive of the Bank of Japan (BOJ) has said that Facebook’s Libra prompted Central Banks to invest more resources in Digital Currency research sooner than expected. According to a report by Reuters on Jan 22, Hiromi Yamaoka, a former head of settlements and payments at the BOJ, noted that regulators might have done […]

2020-1-23 21:22


Why Crypto Dad Wants to Digitize the Greenback

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2020-1-21 19:31


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

Facebook’s digital currency Libra has been a big miss so far and requires a revamp in order to be supported, said the finance minister of Switzerland and outgoing president. Where regulatory consent is concerned, Ueli Maurer, the president of Switzerland said, “I don’t think (Libra has a chance in its current form), because central banks […]

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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