The cryptocurrency libra is being prepared to launch next week in the first week of January by the social media giant Facebook. But only a restricted version of the cryptocurrency will be launched in the month of January.

More fascinatingly, the Libra Association formed by Facebook could once again scale back its intentions.

According to the altered libra white paper, the Libra Association in the first instance intended to launch this with some of the currencies in the suggested libra basket, for example, libraeur or EUR, librasgd or SGD, librausd or USD, and libragbp or GBP as explained by the association.

As per the reports, the launch of a single dollar-backed coin is planned by the Libra Association. It will be in love in the direct competition with other stable coins, for instance, PAX, USDC, and Tether ( USDT ). The Libra Association is still planning to roll out other currencies but it will execute afterward.

For the launch of libra crypto, the final date would depend on the approval to operate as a service of payment from the Swiss Financial Market Supervisory Authority (FINMA).

The Libra cryptocurrency was expected to be the latest currency tied to a basket of fiat currencies when it was first discovered. Initially, it was a mix of multiple currencies but now it is based on a single real-world currency.

Several Central banks as well as regulators have been bothered about this version. Therefore, the Libra Association switched the course and began working on various single currency stable coins.

Currently, the Libra Association has 27 members including the head of Facebook’s subsidiary Noni Financial, David Marcus.

According to Facebook, Noni digital wallet will be introduced as the first product by Noni Financial which has been designed for Libra, a new payment method that is set up on newfangled blockchain technology.

Crypto Business World

CBW - External Analyst

INDIA