Facebook Libra cryptocurrency is preparing to launch as early as January, according to the Financial Times citing three unidentified people involved in the project.
The Geneva-based Libra Association will release and administer the Libra plans to launch a single digital coin which will be supported by the dollar, as per Financial Times, quoting one of the people involved in the cryptocurrency project.
The development would represent an even superior scaling-back of the Libra cryptocurrency projects determinations than that suggested in April in a reply to a regulatory and political recoil against the project.
Cryptocurrency Libra, which was unveiled by Facebook Inc last year, was relaunched in altered form after concerns arose from central banks and regulators around the world that it could disrupt financial stability and erode mainstream power over money.
In Libra Association there are a total of 27 members and Facebook is one of them who are looking for a green signal from Switzerland’s markets watchdog in order to issue a series of stablecoins assisted by individual traditional currencies, along with the token based on the currency attached stablecoins.
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However, according to the Financial Times, under the body’s new plan, further coins aided by traditional currencies along with the composite would be presented after some time.
However, till now the Libra Association did not comment on the recent statements revealed in the Financial Times. The Swiss Financial Market Supervisory Authority (FINMA) has not highlighted beyond a statement in April in which confirming receipt of Libra’s request to offer a payments license.
The stablecoins are planned to evade the instability typical of cryptocurrencies such as bitcoin, making them in theory more appropriate for payment and money transfers.