Facebook Plans to Launch Libra USD Stablecoin as Early as January

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According to an article in the Financial Times, Facebook could be launching Libra as early as January 2021.

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Originally Libra planned on being backed by a basket of fiat currencies including the Dollar, the Euro, and the Pound. Now Libra is planning on launching only a USD-backed stablecoin.

While widely criticized for being associated with a politically-charged company like Facebook, Libra could become a major on-ramp for people buying non-stable cryptocurrencies like Bitcoin, XRP, and TRON, because it will have access to Facebook’s 2.7 billion users.

Libra is currently awaiting approval by the Swiss Financial Market Supervisory Authority, sources close to the Libra project said this could come as early as January.

Some Libra Members believe appointing HSBC legal chief and Bush-era terrorism finance czar Stuart Levey as the first CEO helped Libra gain regulatory approval and gain independence from Facebook.

Facebook has rebranded their Calibra wallet to Novi, and has gained regulatory approval in at least 40 states. They will focus on “high-volume remittance corridors” like the US and Latin America when they first release.

The 27-member Libra Association includes major corporations such as Uber, Lyft, Spotify, Coinbase, and many major venture capital firms.

With PayPal starting to offer cryptocurrency related services to their huge customer base, and companies like MicroStrategy adding Bitcoin to their treasury, we are beginning to see a trend of large corporations getting involved in cryptocurrency markets.

To learn more about this story and others, sign up for a consulting call at IntuitConsultants.com

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