Facebook-backed digital currency, Libra, is set to roll out in January 2021. According to a Financial Times report, three sources familiar with the plan revealed that Libra would finally launch as a USD stablecoin after regulatory scrutiny delayed plans. The sources also confirmed that the original plan for Libra to be pegged to multiple fiat currencies would be implemented later. Other currencies may include the Singapore dollar, euro, yen, and the British pound.
Since its inception in 2019, the Libra Association faced several challenges, including the departure of some founding members. Some of the old members include PayPal, Vodafone, MasterCard, and eBay.
At press time, the exact date of launch is not known until the Libra Association receives regulatory approval. According to the report, Libra awaits regulatory approval from the Swiss Financial Market Supervisory Authority, or FINMA, to begin operation as a payment service.
A FINMA representative commented on the initiated licensing process for Libra. He said:
“In accordance with its usual practice, FINMA will neither provide public information on the status of the ongoing procedure nor speculate on when it may be complete.”
Also, a developer familiar with the development of wallets revealed that Novi would be the official wallet to host the Libra digital asset. The developer added that Novi is ready and would only be available to specific users, depending on their locations.