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Facebook's libra to roll out in January 2021 as dollar stablecoin

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Written by   827
10 months ago

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.

Libra will be pegged to the US dollar at first

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.

2021 will be a bigger year for facebook's Libra.

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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Avatar for alberdioni8406
Written by   827
10 months ago
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Comments

The fragility is the still going to be a case after Libra has come alive. The board may have agreed to let Libra come alive, but those that have been the victim of Facebook's security leak will preach out to people to avoid it. Well like you already said, let's fold our hands and see what happens.

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10 months ago

Nothing can be done for now, we need to wait nd see the Diem stablecoin to come alive, it will be centralised and high-risk to people who Hodl their financial info with the association, this guys anytime can leak that info🙆

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10 months ago

Exactly what I was talking about. And exactly why people will forever find it difficult to put their trust in it when there's 5000 other alternatives

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10 months ago

Stablecoin is the only way to go for Libra. It cannot have value and fluctuations like Bitcoin.

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10 months ago

Well let's see what it will bring to the market.

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10 months ago

Finally, this will become a reality.

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10 months ago

Let's see what this means to the world of finances🤑

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10 months ago

I don't understand you mean by pegging a crypto currency.

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10 months ago