The long-awaited library of Facebook-led digital currency is set to launch in early January, according to three people involved in the initiative, but in a much more limited form than its already falling vision. Originally launched by Facebook executives,
Libra faced a difficult birth when a wave of its founding members - including PayPal, MasterCard, Vodafone, and eBay - launched in 2019 and 2020. Finally launched. He quickly relinquished power and withdrew from the controversial project.
The association then announced in April that it was using its approach to address regulators' concerns, which would limit its scope and include its system in the police to avoid abuses. Will do. Steps are being promised.
The close association with social media networks has also led to the Libra fire, which has been the subject of several privacy scams.
But several Libra members say they believe the May appointment of HSBC's legal head and George W. Bush-era terrorist finance star Start Levy has played a key role in the project. He tried to present himself as an independent. Facebook
Since then, a handful of members have raced to develop and test their products for launch directly at the top of the digital currency network.
One of them is Calibra
A subsidiary of Facebook, which is developing a digital wallet to allow Facebook users to keep Libra currency.
A Novo man said the wallet was manufactured from a product point of view, but initially, it would not be available everywhere, while the company said it was
Half a dozen, including in the United States and some Latin American countries. Is high. Volume remittances are preferred.
The man said Novi needed his license in every US state
Adding that many of them had been granted permission but were still waiting for the maximum 10. The battalion is also included.
The 27-strong Libra Association said in April that it plans to launch digital versions of several currencies, as well as a digital composite of all its coins. This has raised concerns among regulators about an initial plan to create a coin using a basket of currencies.
However, one of the people said that the association would initially give only one coin in dollars. The man added that other currencies and gems would be removed later.
All three said the reliance was justified when the Swiss Financial Market Supervision Authority approved the project as a payment service. Finma said it would not comment on Libra's request, which was launched in May.
Launched in June 2019
Libra's approach was scrapped after receiving strong reviews from global regulators, who warned it could jeopardize financial stability and money laundering. Can be a hotbed of laundering.
Although limited scope may appeal to regulators, critics have complained that stepping into a single currency coin would make consumers want to exchange currencies at a higher price and undermine their willingness to do so. So that maximum financial inclusion is possible.
Although it is not yet clear if some of the major members of the consortium - such as Ober and Spotify - intend to run the currency, some told the Financial Times that they would wait to see if they would invest in utilities. Will do, How it was achieved after its establishment.
The news comes as the bitcoin
The original cryptocurrency, rallied this week to record close to 20,000 amid growing interest from professional investors and central banks in digital currencies. The virus epidemic has accelerated the transition from cash to digital payments.
PayPal, the first founding member to withdraw from the Libra initiative, announced last month that it would launch support for cryptocurrencies, including checkouts, with chief executive Dan Schulman calling for a change of form. ۔ Inevitable
The Libra Association and Novi declined to comment.
