Bitcoin and Ethereum competitor Facebook Libra will launch in January 2021

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Facebook's Libra Might Launch In January, But There's A Catch

According to the Financial Times on November 27, 2020, the Menlo Park-based social media giant Facebook is reportedly gearing up to launch its Libra stablecoin in early Q1 2021.

Following more than a year of scrutiny from global financial regulators, Libra will launch in the form of a US dollar-backed digital currency, the Financial Times reported on November 27. Also, the proposed launch date is not certain, as it is dependent on the greenlight given Switzerland's financial watchdog, Financial Market Supervisory Authority (FINMA). Some Libra members have been excited to establish and analyze their products to launch at the digital currency network's crown when it goes live.

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Facebook's stablecoin Libra will finally be here next year. In fact, at the beginning, companies such as Visa, PayPal and MasterCard supported the project. Yet as part of the institution's new plan, other coins backed by traditional currencies, as well as the composite, would be introduced at a later date, the FT said. That's why the Libra Association changed course and started working on several single-currency stablecoins.

This sustained pressure and pushback from politicians and regulatory bodies globally, caused the project in March to announced it was to 'rethink' its plan for Libra.

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However, according to critics, moving to single-currency coins "could result in additional costs for currency conversion", undermining the project's goal of greater financial inclusion.

Now, the Facebook-backed crypto project is back on the news again with a new framework that further erodes its original ambitious plan. The stablecoin will represent the actual value of a dollar, given that it will be pegged in the ratio of 1:1. The application filed differs considerably from the project originally submitted (see link), e.g. with a view to the Libra payment system also supporting single-currency stable coins as well as the multi-currency Libra payment token.

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