The Financial Times on November 27, 2020, announced the planned launch of Facebook’s Libra cryptocurrency as a single coin digital with the backing of the United States Dollar.
Libra was earlier launched by Facebook in 2019 and backed down some of their efforts after being faced with a large amount of public criticism alongside regulatory and political backlash against the project.
Libra Association is based in Geneva with Facebook being one of their 27 members and their proposed launch plans comprise a currency basket that includes “librausd or USD, libraeur or EUR, libragbp or GBP, librasgd or SGD),”.
However, announcements made on Friday by Financial Times stated “The association would now initially just launch a single coin backed one-for-one by the dollar.
The other currencies and the composite would be rolled out at a later point.” An exact launch is dependent on when necessary approvals are received to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA).
