According to a report in Financial Times Facebook Libra (Facebooks’s own Cryptocurrency) is getting ready to launch in January next year. The Libra Association will be launching a single coin backed by the dollar. Other currencies and a “digital composite” would be available from a later date.
The goal of this project is to have single currency coins for greater financial inclusions. But experts say that moving to a single currency will result in additional costs for currency conversion. Facebook and 27 other partners joined the digital currency project last year in October.
The Libra Association in April announced that it will offer stable coins backed by just a nation’s currency. In other words, this means coins would be equal to a dollar or a euro. The association has also scaled-down its approach focusing on building a payment network in which coins are tied to a variety of local currencies.
These Stable coins are designed to avoid the volatility of the cryptocurrency. In theory, making them more suitable for payments and money transfer.
Last year many digital payments services came out of the project due to privacy issues. These services include Paypal, Visa, Mastercard, Mercado Pago, eBay, Stripe and Booking Holdings, and Vodafone.
Earlier this week Libra Association introduced Saumya Bhavsar as their new general counsel of Libra Networks. She was previously Managing director, Global Head of Regulatory Affairs, and Group Head of Data Protection Office at Credit Suisse. Libra Network will be managing the operations of the Libra Payment System.
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