A new report says that the long-awaited digital currency Libra may finally see the light of day by January 2021.
After more than a year of scrutiny by global financial regulators, Libra will launch in the form of a digital currency backed by the US dollar, the Financial Times reported on November 27.
Citing three people involved in the Libra project, the Financial Times reports that plans for the Libra Association will eventually add more fiat currencies to the basket of assets that support the value of Libra.
The expected date falls in January, but the exact launch date is still unknown and will depend on when Libra will receive regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA), to operate as a payment service.
A spokesperson for the authority declined to comment on Cointelegraph regarding the possible launch of Libra in January 2021. Referring to the announcement of the Libra licensing process, the representative said: “In accordance with its usual practice, the SFSM will not provide any public information on the status of the ongoing procedure nor speculate about when it might be completed.”
The Libra Association, which began in June 2019, faced massive regulatory scrutiny which caused a number of member firms such as PayPal and MasterCard to later leave the project. The basket of currencies that supported Libra originally included several fiat currencies including the US dollar, the euro, the Japanese yen, the British pound, and the Singapore dollar.
And according to the Financial Times, many Libra members believe that HSBC's legal head of state, Stuart Levy, as CEO was a turning point for the Libra project.
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