Facebook’s Libra has been in talks for many months now, and the time has finally come when we are getting to know about the latest updates.
People have been eagerly and excitedly talking about Libra and we have gotten the update that the currency is all set to launch in January. The information has been given out by 3 people who are a part of this project, and it is being found that Libra is going to be limited further.
Back in April, the plan of the 27-strong Libra Association was to launch many digital versions of all kinds of cryptocurrencies, and this led many to believe that the plan is to design a synthetic coin which will be connected to many other currencies. For more information visit Bitcoin Prime UK.
Nevertheless, it has now been decided that just one coin will be launched which will also be backed by the dollar. One of the people who are on board with the project then highlighted that other currencies will be out at later stages.
It was further revealed that the launch date of Libra has not been decided yet, and it will simply depend on several factors like when it gets approved. The approval of the Swiss Financial Market Supervisory Authority is required for Libra to officially operate in the market. However, it is sure that it will come in January.
Ever since it was announced, Libra has become a heated topic as several investors from all across the world believe that it might become the main spot for money laundering and there have been speculations that Libra might affect the stability of the economy of the world. Due to this, Libra has received a very mixed response since its launch.
There are people who are pleased by the thoughts of the narrow scope of Libra. On the other hand, there are many who believe that this might lead to currencies having huge additional costs, and it will overshadow the target, which is to allow financial inclusion of cryptocurrencies.
The founding members of Libra including eBay, PayPal, Vodafone, and Mastercard backed out from the project towards the end of 2019, and this is why the start of this currency was highly rough.
Then in April, it was announced that the scope of the currency was being limited, and that they will try to take a look at the concerns of the investors. Facebook has also faced many problems as the users were highly disappointed due to no concerns for their private details. This also became the reason for being sceptical about the currency.
However, there were a lot of members of Libra who said that they had faith in the system and that they believe that the project is independent, and it is in no way connected to Facebook. Ever since that time, a few of the many members have started creating their products with an aim to launch them as soon as Libra starts operating.
Novi, who is the subsidiary of Facebook, has started designing a wallet that lets Facebook users take a hold on Libra. As per Novi, the wallet was ready but it was not ready to go live everywhere. Novi then went on to explain that the product needed separate licenses in all of the states of The United States of America, and it was in the process of getting the licenses that were put on hold.
Several major members of Libra including Spotify and Uber, have been waiting to see how Libra will be received by the public just after it gets launched, before they go on to invest in the currency.
This situation was put in spotlight as PayPal was among the first founding members who dropped out of Libra, and the company then went on to announce that they will be showing support for cryptocurrencies. However, Novi did not make any comments on this situation.
No matter what one thinks, the cryptocurrency market never fails to surprise us as something new happens everyday. No matter how much we think, we never know the twists and turns that the situation will take or when will Libra finally go live. All we can do is sit, and observe. That was it for this article. Stay with us, and we will make it a point to keep you updated with everything that happens in and around the cryptocurrency market.