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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