A Limited Format of Facebook’s Libra Coin is Set to Launch Next Year
By Luke F – Cryptocurrency Broker
The long-anticipated Facebook-driven cryptocurrency Libra is expecting to launch in January next year. This is according to a Financial Times announcement who cited three individuals involved in the project. The popularity of blockchain technology and crypto buying is encouraging more companies to enter the space of Bitcoin investing and Facebook is certainly one of them.
Facebook’s Libra Association board had cited their roadmap which plans to release tokenised versions of several currencies. This is in addition to a ‘digital composite’ of all its coins launched later in the year which could be traded to buy Bitcoin, for example. It has been reported that this received concerns from regulators who questioned the initiative’s plan to assign one coin backed by many. The precise launch date will be determined by the Swiss Financial Market Supervisory Authority.
First released in June 2019, the downgrading of Libra’s initial vision is the result of sceptical global authorities, who note that it could hinder currency stability and allow an environment for money laundering. Due to this, Facebook confirm the initiative will first see a single coin backed by the dollar rolled out. While the restricted format may comply with cautious regulators, the crypto community have shown disapproval for their shift to a single-currency coin. According to critics this could undermine its decentralised vision of financial inclusion, with additional costs making cryptocurrency trading more expensive for some users.
The Libra foundation have also faced attacks for its connection with the social media giant, who have themselves encountered numerous privacy accusations and scandals. However, multiple Libra contributors are confident that the appointing of HSBC Legal Chief and Terrorism Finance adviser Stuart Levey earlier in the year as their initial chief executive, marks a pivot for the project and its transparency, who sought to display themselves as an independent entity.