Facebook Likely To Issue Libra Digital Currency In Early 2021 In Limited Format - Reports

MOSCOW (UrduPoint News / Sputnik - 27th November, 2020) Facebook's blockchain project, the digital Currency Libra, is likely to be launched in January in a limited format, the Financial Times newspaper reported on Friday, citing sources familiar with the matter.

Facebook declared its cryptocurrency initiative last year, with its launch initially scheduled for earlier 2020.

According to the media outlet's sources, the exact date of the currency launch would be known once the project is approved to operate as a payment system by the Swiss Financial Market Supervisory Authority, an independent governing body monitoring financial facilities.

The source added that this could happen in January.

The Libra Association, which manages the initiative, plans to launch a single dollar-backed coin at a ratio of one-to-one, the sources explained.

In April, the association intended to initiate digital versions of several currencies and a "digital composite" of all its coins, but their launch was postponed, as these initiatives prompted concerns among regulators over the strategy to set up a synthetic coin backed by a basket of currencies.