Facebook’s Libra stablecoin is expected to be launched in January 2021

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Facebook will finally launch its cryptocurrency Libra in January 2021, but very different from the initial plan.

The much anticipated Facebook's Libra cryptocurrency will launch in the first quarter of next year.

The information obtained by the publication indicates that the project will not be launched as a global currency with its own blockchain. Libra's exact release date will depend on whether the currency gets the necessary approvals from regulators. The current plan is to create multiple separate coins, which will be digital versions of already existing physical currencies, along with one "digital composite" coin based all of the other coins. But now, it is reportedly only planning to launch a single coin backed by the US dollar. The initial version of the currency anxious governments because of its global operation and linked to Mark Zuckerberg's company, which could "disturb financial stability", according to Reuters.

"I am thrilled to be joining the Libra Association as it progresses toward enabling a more inclusive global financial system", said Bhavsar. That's why the Libra Association changed course and started working on several single-currency stablecoins. The Geneva-based Libra Association, which will issue and govern Libra, plans to launch a single dollar-backed digital coin, the FT said, citing one of the people.

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The Libra Association would launch other currencies and a "digital composite" of all of its coins at a later date.

The Libra Association, the stand-alone group guiding the crypto, has been set up in Switzerland, a Fintech friendly jurisdiction, that is now reviewing Libra's proposal. While this move will soothe the concerned regulators, critics believe that the single coin could subject users to high conversion costs, thus compromising Facebook's ambitions. Instead, the project will always be under the influence of the association. Libra will be exclusively supported by the US Dollar in January 2021.

" "The wallets are ready from a product perspective", but would not be rolled out everywhere initially, with the company prioritizing "half a dozen high-volume remittance corridors" including the USA and some Latin American countries", he said.

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