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Home Latest News Policy and regulation Facebook’s Libra currency to launch next year as USD stablecoin

Facebook’s Libra currency to launch next year as USD stablecoin

Following more than one year of scrutiny from global financial regulators, Libra will launch in the form of a U.S. dollar-backed digital currency, the Financial Times reported on Nov. 27.

According to cointelegraph, citing three people involved in the Libra project, the Financial Times wrote that the Libra Association plans will finally add more fiat currencies to the basket of assets that back Libra’s value.

Expected in January, the exact launch date is still not known and would depend on when the Libra Association receives regulatory approval by the Swiss Financial Market Supervisory Authority (FINMA), to operate as a payments service.

A spokesperson at the FINMA declined to comment to Cointelegraph about the Libra’s potential launch in January 2021. The representative referred to an announcement on Libra’s licensing process and stating, “In accordance with its usual practice, FINMA will neither provide public information on the status of the ongoing procedure nor speculate on when it may be complete.”

Began in June 2019, the Libra Association faced major regulatory scrutiny causing a number of member companies such as PayPal and MasterCard to subsequently leave the project. The basket of currencies backing Libra was basically to include some fiat currencies including the U.S. dollar, euro, the Japanese yen, the British pound and the Singapore dollar.

As reported by the Financial Times, some Libra members think that the appointment of HSBC legal chief Stuart Levey as chief executive was a turning point for the Libra project.

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