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Facebook's Libra cryptocurrency could launch in January

2020-11-27 16:37 by
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Facebook's Libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project.

This isn't actually Facebook's cryptocurrency. It's a project of the Libra Association, which Facebook co-founded. The association, which will serve as a monetary authority for the cryptocurrency, says Libra's purpose is to "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.

The 27-strong Libra Association said in April that it had planned to launch digital versions of several currencies, plus a "digital composite" of all of its coins. This followed concerns from regulators over its initial plan to create one synthetic coin backed by a basket of currencies.

However, the association would now initially just launch a single coin backed one-for-one by the dollar, one of the people said. The other currencies and the composite would be rolled out at a later point, the person added.

The news comes as PayPal, one of the original Libra members, rolled out its own crypto buying and selling service this month to a warm response. But Libra will have to make do with its stablecoins.

Read more -here-

 

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