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Libra, Facebook's cryptocurrency to launch in January 2021



Libra Association

The launch of Libra, Facebook's cryptocurrency, will take place in January 2021. This was revealed by the Financial Times.

From what the publication reveals, the confirmation would come from at least three people involved in the initiative.

However, compared to the original project, there would be significant changes. For the moment, Libra will only be anchored by the US dollar. Initially, it was supposed to be pegged to various fiat currencies, but FT sources explain that this will happen at a later date.

A definite date for the launch is missing, but the most likely hypothesis is January 2021. Are still waiting the approval of the Swiss Financial Market Supervisory Authority. Libra chose Switzerland as its headquarters, so it must first have the go-ahead of the local authorities, to which it will present itself as medium of exchange And paid.

There is currently no confirmation on the official Libra channels. The latest confirmed news refers to the appointment of Saumya bhavsar as General Counsel of Libra Networks. She is in charge of guiding the operations to obtain the paid licenses for Libra.

From Credit Suisse, Saumya Bhavsar has a long experience in European and American credit institutions, where she has been particularly involved in regulation and services. He also has experience in United States Department of the Treasury Office.

Saumya bhavsar He seemed excited about the appointment.

“I am delighted to join the Libra Association as it moves towards enabling a more inclusive global financial system. Along with many in the banking industry, I have been watching the Libra project from afar and believe that the Libra payment system is poised to transform the industry and enable unprecedented financial innovation and inclusion at a time when we need it most. "

James emmett, Managing Director of Libra Networks, commented:

“Saumya is a strategic leader with proven ability and success in legal, regulatory and operational roles in one of the most highly regulated industries. I look forward to working with Saumya and I know that his experience will be crucial in launching and managing a compatible payment system. "

Waiting for reactions to the launch of Libra

The Libra project appeared to be on hold due to hostility from regulators. Once the necessary authorizations have been received from Switzerland, we will have to wait and see how can it be accepted internationally.

The launch of Libra promises to be disruptive. Mark Zuckerberg's goal is to make this cryptocurrency system as easy to exchange money as it is today to exchange a photo.

However, the authorities immediately began to worry about the risk that an individual would launch a currency that would compete with central banks. These fears were more than justified because, unlike the cryptocurrencies currently in circulation which are pervasive but niche products, Libra could potentially be used by Facebook's 2 billion users.

All that remains is to wait for official comments and reactions.


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