Facebook’s Libra is Getting Ready to Launch USD Stablecoin from January 2021
After such a long time, the Facebook-backed digital currency firm ‘Libra’ will be able to fulfill its desire. The firm has been working tirelessly to develop an infrastructure to support the digital assets. However, it had faced a lot of restrictions and obstacles from the American Government.
Now that the political situation has started changing in the United States after the recent presidential elections, Facebook has taken things up a notch.
It has been posted in the Financial Times that Facebook will finally have the opportunity to execute its plans. At present, Libra which is backed by Facebook is setting up to launch a USD-Backed digital currency.
The Financial Times has also added that this is not the only project that Libra is currently working. It has more than just one digital currency that it has in its to-do-list to introduce. With the passage of time, the Libra Association is planning to add even more digital-currencies to the digital assets it has to offer.
It has been confirmed by the Libra Association that it is planning to launch its USD-backed digital asset in the beginning of 2021. However, the Libra Association is yet to confirm the exact date for the launch of the digital dollar.
As of now, the Libra Association is waiting to receive regulatory approval to operate as a payment service. The approval is pending from the Swiss Financial Market Supervisory Authority (FINMA).
So far, the operators from the Financial Market Supervisory Authority (FINMA) from Switzerland have not made any comments on the matter. The FINMA has even remained reluctant on releasing any news regarding the approval. Therefore, it is not yet clear whether the Libra Association will receive approval from FINMA or a denial.
The only thing that the FINMA has commented on is their usual practice regarding the consideration phase of licensing. He stated that as a part of their practice, FINMA will share no such information on the status of the approval.
The firm will neither provide information on the current status of the procedure nor it will predict whether the answer will be a ‘yes’ or a ‘no’.
Back in 2019, the Libra Association was accompanied by some of the major stakeholders when it first proposed its idea. However, due to the extreme regulatory observation and consideration, it lost the support of some of its major stakeholders.
The most prominent stakeholders that accompanied the Libra Association at the very beginning were MasterCard and PayPal. Similarly, the Libra Association had announced that it would be launching digital-currencies against a number of fiat currencies.
The fiat currencies that it planned on launching in the beginning were EUR, JPY, GBP, and USD. However, for now, the Libra Association is planning to focus only on USD-Based digital currency.
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