Facebook’s Libra is set to launch in January 2021 as a stable USD

The long-awaited digital currency Libra could finally see the light of day as early as January 2021, according to a new report.

After more than a year of scrutiny by global financial regulators, Libra will launch as a digital currency backed by the US dollar, the Financial Times reported on November 27.

Citing three people involved in the Libra project, the Financial Times wrote that the Libra Association’s plans will eventually add more fiat currencies to the basket of assets that support Libra’s value.

Scheduled for January, the exact launch date is still not known and will depend on when the Libra Association receives regulatory approval from the Federal Financial Market Supervisory Authority, or FINMA, to operate as a trading service. payment.

A FINMA spokesperson declined to comment to Cointelegraph on the potential launch of Libra in January 2021. The representative referred to an announcement regarding the Libra licensing process, saying: “In accordance with its usual practice, FINMA will not provide no more public information on the state of the current procedure, nor speculation on when it will be completed. “

The Libra Association did not immediately respond to Cointelegraph’s request for further information.

Launched in June 2019, the Libra Association has undergone a major regulatory review, which has prompted a number of member companies such as PayPal and MasterCard to exit the project afterwards. The basket of currencies supporting the LIbra was originally intended to include several fiat currencies including the US dollar, the euro, the Japanese yen, the pound sterling and the Singapore dollar.

According to the Financial Times, several members of Libra believe that the appointment of HSBC’s chief legal officer, Stuart Levey, as chief executive officer was a turning point for the Libra project.