A new cryptocurrency to be available on the market starting next year
After a year of discussions, Facebook’s Libra has finally received the green light.
According to the Financial Times, Libra – the cryptocurrency developed by one of the most significant social media outlets will be available for trading as early as January 2021. Following the data, the digital coin will be backed by the dollar, and the Libra Association located in Geneva will issue it.
Before the official launch, the aforementioned Association is looking to get Switzerland’s markets regulatory approval to “issue a series of stablecoins backed by individual traditional currencies, as well as a token based on the currency-pegged stablecoins.”
The announcement came in at a time when Bitcoin plunged to the levels reported in August. During the November 26 trading session, Bitcoin stock price went down 8.7%.
At the moment of writing, the Bitcoin price is fluctuating between $16,790 and $16,800.
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Sources: Aljazeera.com, reuters.com