Libra, Facebook's digital currency, will reportedly be rolled out in January, the Financial Times has reported citing several sources. The exact launch date depends on when Facebook receives approval from the Swiss Financial Market Supervisory Authority.
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According to sources, Libra will be issued in a limited format. The Libra Association will issue a currency that will be backed by the US dollar at a ratio of 1:1.
Facebook first announced its international digital currency project back in June 2019.
The launch of Facebook's coin was originally scheduled for the first quarter of 2020. The giant announced in April it had abandoned its plans to develop a single cryptocurrency, and would instead issue several stablecoins. Later, Facebook announced it would issue a single crypto backed by a basket of stablecoins.