US social media giant Facebook has not given up on its plans for crypto currency Libra Coin.
Libra, the crypto currency created by Facebook, was first announced in 2019. This currency initially received support from important names such as Visa and Mastercard. However, Facebook’s record in terms of data security was not very clean.
Although it hadn’t been published yet, fake ads were running for Libra, and Facebook has struggled to remove them. Subsequently, key supporters such as PayPal, Visa, Mastercard, Stripe, and eBay said they were withdrawing one by one. This is why the Libra Association has turned to draft one or more “stablecoins” pegged to the value of international currencies.
Facebook’s controversial cryptocurrency will launch in January 2021, according to a new report from the Financial Times. However, it will not produce the expected effect initially and still needs approval from some regions.
In some regions, such as the European Union, the rules are relatively stricter. It is therefore likely that Libra will be launched as a US dollar-backed coin. Afterwards, it is expected to find support by more currencies.
Apart from that, it will be possible to use Libra with an independent application called Novi (formerly Calibra) in WhatsApp and Messenger. Time will tell whether Facebook will enter the crypto market with Libra.