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Facebook's libra to roll out in January 2021 as dollar stablecoin
The long-awaited currency Libra from the biggest worldwide social media, Facebook, will be released in 2021 as dollar based stablecoin. Libra will be firstly pegged to US dollar making it initially choice different from the model that the blockchain project was reported to conduct, which supported many Fiat currencies.
The news was granted by Financial times and referred close people who are involved directly with the Libra stablecoin project, and according to them more Fiat currencies could be pegged in near future.
Facebook's project Libra have been facing scrutiny since it's announcement in 2019, with many countries offering opposition to it, in the European Union it was banned until the association backing it explain how the giant company plans to protect users from leak on their financial information, as known the media company have showed some fragility on their security which allowed to many people being victims of their negligence. Many of this countries believe that a stablecoin linked to a social giant media whom have billions of users, which also may become customers, are not good to financial world stability.
The Libra project will only launch after the Regulators approve their stats in Swiss by the financial authority, or by FINMA to ensure it operates as a payment service, so the exact date to be released isn't known but it will definitely "saw" it appearance in 2021.
Libra association former members Paypal and MasterCard are already involved in crypto after leaving the group to pursue their own projects, Paypal decided in October to start their adventure on cryptocurrency starting also in 2021, when they will offer their customers the ability to sell, buy and Hodl assets on their dashboard. This assets will be used to purchase items on their network of 28 million merchants across the globe, the fintech have more than 300M active customers. MasterCard in the other hand have been conducting several partnerships with companies to make their cards more crypto friendly allowing them to recharge and spend it whenever they want at anytime.
Libra will be a direct competitor to well also acclaimed Digital yuan, the Central Bank Electronic payment- from China in terms of adherence, this two methods of payments after release will together hold a good number of users worldwide, with China with a population of more than 1.5 billions and Libra who secure more than 4 billions users worldwide sharing the slices on the network on global payments using Blockchain technology.
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