Libra coin, a cryptocurrency, is expected to launch in January.
When it was first released, it was created as a cryptocurrency based on the average fiat currency and other reserves.
However, many central banks and monetary regulators have been conducting surveys on this vision, and as a result of the pressure exerted, Libra Coin has changed its outlook and decided to create its own coin in the form of a stablecoin that does not change its value on other currencies. Has received.
Stablecoins are cryptocurrencies that do not change in value relative to specific currencies, and are not as volatile as other currencies such as Bitcoin and Ethereum. For example, the USDT (Stable Coin) is always valued at US $ 1.
Libra has stated that its cryptocurrency will be based primarily on USD, EUR, GBP and SGD, and according to the Financial Times, Libra plans to launch a coin worth one dollar.
It will compete directly with other stablecoins such as USDC, PAX and Tether (USDT), and they are reportedly looking forward to launching a standard cryptocurrency in the future.
It is reported that Facebook is also preparing to launch their own wallet to manage this Libra currency. Originally known as Calibra, it was powered by a Facebook affiliate, Rebrand Novi last May.
It is also reported that Libra will be implemented as a separate application for sending or receiving money, and Messenger and WhatsApp will also be able to use this money.
As expected by Facebook, the Libra currency will be available for peer-to-peer transactions and remittances in the future.
In addition, other members of the Libra Association will continue to provide their Libra-based services, but it is reported that these will not be released at this initial launch. Other members include Farfetch, Lyft, Shopify, Spotify and Uber.