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Libra cryptocurrency from Facebook

2 December 2020
1805
2 min.
10
Libra cryptocurrency from Facebook

Libra from Facebook

Libra cryptocurrency may be approved by the Swiss Financial Market Authority in January. The project of the cryptocurrency has been simplified and will consist of several "stealth coins" secured by separate currencies such as the dollar or euro.

Facebook (FB) shares, up 35.35 per cent since the beginning of the year, rose 0.8 per cent on Friday after the Financial Times said, citing anonymous sources, that the Geneva-based Libra association could launch its cryptocurrency as early as January 2021.

The Libra Association, of which one of its 27 members is a subsidiary of Facebook Novi (rebranding Calibra), is seeking approval for the release of its "stelecoin" series, supported by selected traditional currencies from the Swiss Financial Market Authority.

The ambitions of the Libra project, which also includes Farfetch, Lyft, Shopify, Spotify, Uber and others, had to be reduced after the G20 Financial Stability Board in April pointed out the necessary measures to regulate and supervise cryptov currencies in order to avoid their use in illegal activities and to undermine the security of states' financial systems.

It is reported that the first stelecoin to be launched is likely to be a digital dollar-backed coin, with one unit of stelecoin worth one dollar.

Libra has mentioned the dollar, euro, pound sterling or Singapore dollar as the base currency for its various steblcoins.

It is known that the Libra cryptocurrency launch will be a Novi application that will allow you to purchase the cryptocurrency and send it to other users, and you can also access your account via Messenger and WhatsApp.

Facebook expects people to start using Novi for money, including international transfers and peer-to-peer payments.

When they are launched, they will be restricted to those countries that have given permission for their use.

The Swiss Financial Market Authority (FINMA) has made no comments, except for an application in April confirming that Libra has received an application for a payment licence.

Companies10 in the news

Farfetch
3 place
WhatsApp
5 place
Shopify
6 place
Spotify
7 place
Lyft
8 place
Uber
9 place
Facebook
10 place
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