Tech

Facebook is reported to launch Libra cryptocurrency next year

Facebook’s Libra cryptocurrency is set to debut in early 2021.

According to a Financial Times report, digital tokens from the world’s largest social networks, albeit in reduced form, could be released as early as January.

Geneva-based Libra Association, which issues stable coins, will release a single digital coin backed by one-to-one instead of multi-currency coins, three sources have announced.

The move represents a major reduction in project ambitions, arriving after the project has been hit by intense political backlash, and regulators and central banks around the world have disrupted financial stability and mainstream power over money. Has expressed concern that it may erode.

Stablecoin is theoretically suitable for payments and remittances as it is designed to avoid the volatility inherent in cryptocurrencies such as Bitcoin.

The Libra Association, of which Facebook is one of 27 members, will issue a series of stable coins backed by individual traditional currencies and tokens based on currency pegged stable coins from the Swiss market watchdog. I’m looking for a go-ahead for.

Facebook first announced plans to create its first cryptocurrency in June 2017. It promises to make digital money more attractive to everyday users by linking coins to hard assets such as short-term government bonds. According to Facebook, consumers can use electronic coins to make purchases around the world and send money to friends and family.

The upcoming launch of Libra has recovered to over 19,000 for the first time since 2017 as Bitcoin, the most popular cryptocurrency. Bitcoin is currently trading for just over $ 16,900.

With post wire

Facebook is reported to launch Libra cryptocurrency next year

Source link Facebook is reported to launch Libra cryptocurrency next year

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