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Facebook plans to release Libra in January 2021

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Facebook Plans to Release Libra in January 2021

Facebook plans to release Libra in January 2021

Facebook plans to release Libra in January 2021
CONTENT

  • Facebook May Launch Its Own Digital Currency In January 2021

  • The release version of the asset will be more limited than originally anticipated

  • The project is still pending approval for the launch from the Swiss regulator

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The largest American social network intends to release its own digital currency in a limited form early next year

Facebook plans to release Libra in January 2021

Social network FacebookIn June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately attracted attention … More May Release Its Own Digital Currency LibraIn June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately caught the attention of … More in January 2021. The Financial Times (FT) was informed about this by three anonymous sources close to the development of the project. Libra stablecoin release to be heavily trimmed from initial plans.

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In April, the Libra Association decided to change the original model of the project, abandoning the Libra peg to several fiat currencies at once. Trying to please skeptical regulators, Facebook said the project will support multiple versions of digital currencies, most of which will be pegged to fiat currencies such as the US dollar..

According to Yuri Mazur, head of data analysis department at CEX.IO Broker, the economic potential of Libra remains very high, since Facebook has a huge audience..

“Therefore, if Libra is successfully registered by the US Futures Exchange Trading Commission, Libra will be able to firmly enter the top 10 cryptocurrencies by market capitalization,” Mazur told BeInCrypto..

Facebook plans to release Libra in January 2021

However, according to an anonymous FT source, Facebook will first release Libra like a stablecoin pegged to the US dollar on a 1: 1 basis. Support for other currencies will be added later.

It is noted that the exact launch date for Libra will depend on when the project receives approval as a payment service from the Swiss financial market supervisor..

Away from Facebook

Anonymous FT sources also said the May 2020 appointment of ex-HSBC legal head Stuart Levy as Libra’s first CEO was a turning point for the project, as Levy sought to make the project independent of Facebook..

At the same time, due to Levy, according to sources, Facebook renamed its Calibra wallet to Novi in ​​order to focus on the whole ecosystem of products based on Libra. An employee close to Novi said the wallet was initially “product-ready,” but the change in product direction slowed down its release..

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The wallet is expected to work with limited functionality at launch, as the company is now prioritizing “half a dozen payment corridors”, including the United States and some Latin American countries. Novi, according to an anonymous project employee, also needs its own license in every US state. The project now expects at least ten such licenses.

What you need to know about the upcoming project from Facebook – read the special material BeInCrypto.

Facebook plans to release Libra in January 2021

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