Libra, the cryptocurrency proposed by Facebook could see its launch in January, even though is not as expected, but in another format and in a limited way, according to a report by an American digital medium.
The Libra Association, of which Facebook is one of its 27 members, will launch a stablecoin that receives a backup one to one by the US dollar. It will not be the digital version of the currencies of various countries as they said before in March. Various sources reported this to the Financial Times.
The launch date of the stablecoin is depending on when it receives its approval to operate as a payment service from the Swiss Financial Market Supervisory Authority (FINMA). However, the schedule sets for January, according to the abovementioned media outlet.
On the other hand, a person in the development of the Novi wallet, which will support the stablecoin Libra, told the Financial Times that they already finished the product, but initially, its launch will be limited.
For that reason, the Libra Association would prioritize six high-volume remittance corridors, including some from the United States and Latin American countries.
Facebook is making some changes
Facebook began making some essential changes to its project after succumbing to pressure from regulators. The concerns dance around the influence that the social network could have on the development of a cryptocurrency and its impact on international monetary policies.
The project emerged in June 2019 and initially received support from payment companies such as Visa and Mastercard. However, before long the concerns of banks and regulators triggered the exodus of several initial sponsors.
The fears were centered on money laundering, as it was thought that the Libra cryptocurrency could allow criminals to move money across national borders quickly, silently, and without supervision or preventive measures. Many also feared the influence that a social network like Facebook could have in the world of finance.
Subsequently, Libra’s main forerunners were pulled from the project due to mounting regulatory pressure. In December of last year, the president of Switzerland said that the Facebook project just failed as it had been planned until then and needs to redefine some details to get its approval.
Investing in Libra Coin is the foremost theme
Some investors are wondering how to invest in this new cryptocurrency that Facebook is leading; they are open to learning the strategies on how to invest in Facebook Libra Coin today.
This new digital currency is targeting a 1.7 billion unbanked population. The race already started for libra coin buyers and investors on how they can take advantage of this new currency.
Facebook’s Libra started to gain the attention of the cryptocurrency market, and Libra’s potential investors are waiting impatiently for its release due to its favorable offers and business opportunities in a trusted environment. Speculations on how to cash-in using the digital currency have come to light, these speculations say that one should and must be able to acquire Facebook shares or purchase Libra.
By: Jenson Nuñez.
