The social media giant Facebook is preparing to launch Libra cryptocurrency or stablecoin early next year, a source close to the project claimed.
According to a report in the Financial Times on Friday, the Facebook-led Geneva-based Libra Association plans to launch Libra in January. The company is preparing to launch a dollar-based digital coin
The Libra Association proposed the digital coin in April this year. The project has been delayed several times due to policy and political opposition
Last year, Libra unveiled Facebook 7 At the time, global policymakers and central banks feared the coin could lead to economic instability and a shift in the monetary power of money. In such a situation, Facebook 7 plans to launch a smaller version of Libra
The Financial Times also reported that other traditional currency-based coins would be introduced later, despite the Libra Association's new plan.
The Libra Association did not immediately comment on the plan
In April, Swiss policymaker FINMA said in a statement that Libra had applied for a transaction license. Although it confirmed the application, the policy-making body did not provide details
Libra-like stablecoins are designed to avoid the volatility of traditional cryptocurrencies. Theoretically, this stablecoin would be more suitable for transactions and money transfers