Facebook‘s Libra allegedly launching in January 2021 as USD stable coin. After over a year of examination by global financial regulators, Libra is said to be launching a US dollar-backed digital currency, the Financial Times reported on Nov. 27.
Citing three people involved in the Libra project, the Financial Times wrote that the Libra Association’s plans would eventually add more fiat currencies to the pool of assets that support Libra’s value.
The exact launch date, expected in January, is still uncertain and will depend on whether the Libra Association receives regulatory approval from the Swiss Financial Market Supervisory Authority or FINMA to function as a payment service.
Initiated in June 2019, the Libra Association faced major regulatory scrutiny causing a number of member companies like PayPal and MasterCard to subsequently leave the project. The basket of currencies backing LIbra was originally to include several fiat currencies including the U.S. dollar, Euro, the Japanese yen, the British pound and the Singapore dollar.
According to the Financial Times, several Libra members believe that the appointment of HSBC legal chief Stuart Levey as chief executive was a turning point for the Libra project.
[image: Tim Bennett]