Amid a wave of withering criticism over its master-blueprint to flood the global market with a crypto asset “Libra” by exploiting its tens of millions of users across the world which was not backed by any kind of institutionalized or physical currency, Facebook Inc., the Menlo Park, California-based social networking megalith, had agreed to launch an American Dollar-backed “Libra cryptocurrency” as early as by January 2021, a Financial Times report published late on Friday had revealed citing at least three people involved in the project who wished to remain anonymous give the extent of sensitivity of the issue.
On top of that, as the American multinational social networking giant had faced off an inevitable conundrum amid growing scrutiny from a gauge of Central Banks all over the world considering its planned financial coup aimed at launching a digital asset “Libra” that could be used to buy or sell products at its platform by bypassing traditional financial institutions alongside other Govt.
taxations, the Geneva-based Libra Association had planned to issue and supervise Libra’s launch as a single digital coin backed by the American Dollar, the Financial Times report had unveiled.
Facebook to set out Dollar-backed Libra, scales back project ambition
Besides, while the latest Facebook move to launch a US Dollar-backed digital coin in response to a raft of regulatory and political setbacks, represented even a larger backlash to the project’s maleficent ambitions, the Libra Association has been seeking to issue a series of stablecoins backed by several traditional currencies.
Nonetheless, the Financial Times report was quoted one of the sources as saying that the Geneva-based Libra Association, of which Facebook Inc.
has been one of the 27 members, was planning to launch other stablecoins backed by several other currencies on a later date, while feedbacks from financial institutions and lenders on Libra’s usage as a digital asset would act as a major arbitrator for the Geneva-based body’s slated launch of other stablecoins.