The Financial Times reported on Friday that the “Facebook” cryptocurrency “Libra” is preparing to launch in January, citing three unnamed sources among the project participants.
The Financial Times, citing one of the sources, said that the Geneva-based Libra Association, which will issue and oversee the 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 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 would be introduced at a later time.
The Libra Association did not immediately respond to a request for comment. The Swiss Financial Market Supervisory Authority did not give more clarification than was contained in a statement issued in April confirming receipt of Libra’s application for a license to make payments.
Stable currencies are designed to avoid the volatile nature of cryptocurrencies like Bitcoin, making them theoretically more suitable for payments and cash transfers.
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