Facebook will launch its own stablecoin Libra in the second half of 2020, iHodl Russia reports.
According to Bertrand Perez, General Director of the Libra Association, a non-profit association, the launch of the upcoming asset is scheduled to be in next year. It is expected that the currency could weigh up to 200 billion dollars.
Perez claims the company has no intention to become another asset management giant like BlackRock.
Libra Association representative claims the company has no intention to become another asset management giant like BlackRock.
"We will not become a new BlackRock. This is why the fears about the destabilizing aspect that this reserve could have on the monetary policy of the central banks whose currencies appear in our basket do not seem to us to be justified," Perez said in interview with news outlet Les Echos.
Perez also highlighted that Facebook is not going to become another sort of money-issue center.
"We are not here to do the work of the banks," he added.
Earlier iHodl reported that Liba Association asked the Financial Markets Supervisory Authority (FINMA) to grant Libra a payment system license.
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