“Libra” .. Facebook’s cryptocurrency to be launched in January – the economic – the world today


Yesterday, the Financial Times revealed that Facebook’s cryptocurrency, Libra, is preparing to launch in January, citing three unnamed sources among the project’s participants.

The newspaper said that the Geneva-based Libra Association, which will issue and oversee the Libra currency, plans to launch a single digital currency backed by the dollar.

The Libra Association, which includes Facebook as one of its 27 members, is seeking to obtain the green light from a market monitoring body in Switzerland to issue a series of stable currencies backed by certain traditional currencies, in addition to a token based on stable currencies linked to traditional currencies.

It added that according to the new plan of the entity, other currencies supported by traditional currencies will be introduced at a later time.

The Swiss Financial Market Supervisory Authority did not give more clarification than was contained in an April statement confirming receipt of Libra’s application for a license to make payments. Stable currencies are designed to avoid the volatile nature of cryptocurrencies such as Bitcoin, making them theoretically more suitable for payments and cash transfers.



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