January 28, 2021

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“Facebook will start its own cryptocurrency Libra next year”

"Facebook will start its own cryptocurrency Libra next year"

The long-awaited digital currency Libra, a Facebook project, should start next year. This could happen as early as January, reports the Financial Times, based on sources involved in the initiative.

When it was announced last June, Facebook had sky-high ambitions with the world currency, which is supposedly linked to various currencies. However, the financial regulators raised concerns. Important partners such as PayPal, Mastercard and eBay left the project by the end of 2019.

According to the Financial Times, Facebook now wants to continue in a slimmed-down form. Initially, there would be a currency pegged only to the dollar. Others would follow later. The exact start date depends on when the scale receives approval from the Swiss stock exchange watchman to function as a payment service.