Facebook's Cryptocurrency Libra In January

By RTTNews Staff Writer | Published: 11/27/2020 2:39 PM ET

Social media giant Facebook Inc.'s (FB) new cryptocurrency Libra could reportedly launch as soon as January but in a limited format.

According to a report from The Financial Times, the Libra Association, which has 27 members including Facebook, had announced plans to launch digital versions of several traditional currencies in April. However now it is only planning to launch a single coin backed by the dollar. The other currencies and the composite would be rolled out at a later point.

Libra's exact launch date would depend on when the project receives approval to operate as a payments service from the Swiss Financial Market Supervisory Authority.

Meanwhile the scaling back of the project comes after it received warning from global regulators that the cryptocurrency could threaten monetary stability.

Initiated in June 2019, the Libra Association faced major regulatory scrutiny and several member companies like PayPal and MasterCard left the project.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe