Newspaper: Facebook’s cryptocurrency, Libra, will be launched, backed by dollars, in January

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The Financial Times reported on Friday that Facebook’s cryptocurrency, Libra, is preparing to launch in January, citing three unnamed sources of project participants.

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

The 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 fiat currencies, in addition to a token based on stable currencies linked to traditional currencies.

But the Financial Times said that according to the entity’s new plan, other currencies backed by conventional currencies will be introduced at a later time.

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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