Facebook’s cryptocurrency is reportedly preparing to launch with a single cryptocurrency, a significantly reduced version of its original plan. The launch date for the Facebook library could be as early as January.
Launch Date for Libra Facebook
The cryptocurrency library, proposed by social media giant Facebook, is said to be preparing to launch as early as January next year. However, only a limited version of the library cryptocurrency will launch at that time.
According to the revised library white paper, the Libra Society intended to launch initially with some of the currencies in the proposed library basket, such as “library or ≋USD, libraries or ≋EUR, library or ≋GBP, library or ≋ SGD), ”the association explained. However, the Financial Times reported on Friday:
The association would now initially only launch a single coin with one-to-one dollar support … The other currency and the compound would be introduced later.
The exact launch date for the library crypto would depend on when the project receives approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). Three people familiar with the matter told the publication that it could come as early as January. Libra application started in May.
Facebook unveiled the library project in June last year and later dropped its plans after being scrutinized by regulators worldwide. The Libra Society currently has 27 members, including David Marcus on Facebook, who is the Head of Facebook subsidiary Novi Financial, formerly Calibra. According to Facebook, “The first product Novi Financial will introduce is Novi’s digital wallet designed for Libra, a new payment system built on innovative blockchain technology.”
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