Facebook’s digital currency Libra is ready to launch by January, and the Libra Association in Geneva will be responsible for issuing and managing the currency as it plans to launch the digital currency backed by the dollar, and this move will destroy the goals of the project that were introduced in April in response to the views of regulators and politics against The project.
Libra, which Facebook announced last year, has been relaunched in miniature after regulators and central banks around the world became increasingly concerned that it could disrupt economic stability and weaken fiscal-based authority.
The Libra Association, made up of 27 members, including Facebook, is seeking approval from the Swiss market watchdog to issue several Stablecoins based on fiat currencies, as well as launch an index based on those currencies.
Stablecoins are designed to avoid the price fluctuations of regular digital currencies such as Bitcoin, which in theory makes them suitable for payment and remittances, but under the association’s new plan, these coins, along with other composite currencies, will be introduced in time later.
The Libra Association did not immediately respond when asked to comment on its decision, and the Swiss watchdog FINMA did not elaborate on the matter after announcing in April that it had received the association’s request for a license to use those currencies for payment.