HomeBusinessFacebook's controversial Libra cryptocurrency could launch in January

    Facebook’s controversial Libra cryptocurrency could launch in January

    The project will be a stripped-down version of the original plan, according to a report.

    Libra, the cryptocurrency spearheaded by Facebook, could launch as early as January, according to The Financial Times, which reported that the project will likely be even more limited than its already stripped-down plan. 

    The Libra cryptocurrency will likely be backed one-for-one by the US dollar, the newspaper reported Thursday. In April, the association launching Libra said it would create multiple single-currency stablecoins backed by major currencies, such as the dollar, euro and pound, as well as a coin based on a basket of currencies. A stablecoin is a cryptocurrency that links its market value to an external source like the dollar.

    Libra is a permissioned blockchain-based payment system proposed by the American social media company Facebook, Inc. The plan also includes a private currency implemented as a cryptocurrency. The currency and network do not yet exist, and only rudimentary experimental code has been released.

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