Posted 8 months ago | by @devadmin
Libra, is finally getting its global release set for January 2021, as a stablecoin.
According to a report by the Financial Times on Friday, Libra may launch a single dollar-pegged stablecoin next year, according to “three people involved in the initiative.”
The Geneva-based Libra Association which has 27 members including Facebook will issue and govern libra. The Libra Association, was planning to launch digital versions of several traditional currencies.
However, they faced blow back through the form of regulatory pressure from lawmakers in the U.S. and other G7 countries who blocked its launch. As well as several of its partners quitting last year and this year distancing themselves from the project.
A few of these include — PayPal, Mastercard, Visa, Vodafone and eBay to name a few names.
Now, Libra has an official release date planned to launch under a single digital coin backed by the dollar in January of next year. Although, any number of factors could delay that effort.
The Libra Association also recently hired Saumya Bhavsar as the new general counsel of Libra Networks, to help it navigate through the regulatory environment ahead.
This comes as credible rumors are swirling about coming cryptocurrency regulation for companies and wallets which will require know your customer (KYC) laws, as Bitboy Crypto reported.
Bitcoin is currently trading at [FIAT: $16,774.08] UP +1.1% in the last 24 hours according to Coingecko at the time of this report.