Facebook said to be launching Libra cryptocurrency in early 2021
As 2020 wraps up, Facebook has given us something to look forward to coming next year, the Libra cryptocurrency.
Facebook has the capacity to make it work as we all know, the only determinant on how fast it would be launched is approval from regulators across the world.
Financial Times reported that Facebook’s controversial cryptocurrency Libra could be launched as early as January 2021 and this is still dependent on pending approvals in some regions. The digital currency was first announced in 2019 and considerably backed up by several financial bodies like Visa and Mastercard, which formed the Libra association to join on the global effort. Interestingly, this new project quickly got the attention of the United States Senate Banking Committee, which was focusing on getting more details on the initiative, given concern on Facebook’s poor record in protecting its consumer’s privacy.
It didn’t take long before those issues were proven somewhat feasible as fraudulent ads for the unreleased cryptocurrency were started seeing on Facebook and thank God the company was quick in removing them in a timely manner. Unfortunately, high profile Libra supporters like PayPal, Visa, Mastercard, Stripe, and eBay withheld their retreat from the project for fear of bringing upon themselves unwarranted attention from antitrust bodies, which are still investigating Facebook’s every move. This made the Libra Association channel their energy towards making one or more “stablecoins” which will be of the value as other international currencies, which will make launching it sooner.
Due to fierce regulatory setbacks in some regions like the European Union, it’s likely that it will be launched as a single coin backed by the US dollar, and possibly gradually move to incorporate more minor currency tokens.
Asides from that, you’ll be able to use Libra tokens on an independent app called Novi, as well as WhatsApp and Messenger. The end goal remains the creation of a singular, cryptocurrency that is backed by numerous currencies, but that will take a lot of convincing to allow regulatory bodies around the world to accept the new development.
Well, time will tell if Facebook can come up with the formula and enter the crypto market with their Libra.