Facebook may launch Libra cryptocurrency in January

Discussion in 'Industry News' started by Calliers, Nov 28, 2020.

  1. Calliers

    Calliers Administrator Staff Member

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    Facebook’s Libra cryptocurrency could launch in January after going through several changes over the last few years.

    As reported by the Financial Times (via TechCrunch), the Libra Association, a consortium of companies tasked with managing the Libra cryptocurrency, could scale back its ambitions once again as the company prepares for the launch.

    Libra was initially supposed to be a cryptocurrency tied to several fiat currencies (or currency backed by a government, such as the Canadian dollar). However, several central banks and regulators raised concerns with the plan, and the Libra Association changed course to develop several stablecoins. Stablecoins refer to cryptocurrencies tied to another stable asset, such as a fiat currency, to help reduce volatility.
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