Facebook-Backed Libra will support Digital Coins for several countries

Facebook-Backed Libra will support Digital Coins for several countries

The Association of LIBRA today announced that it plans to support more versions of stable coins and each will act as a digital version of an existing currency of a particular country. The Association as Managing Authority of Libra have made many changes in response to the relevant financial regulations.

We also learned that the organization has already started talks with Swiss regulators for a payment license, in an attempt to register in FinCEN – the U.S. Financial Crimes Enforcement Network as a “money services business”.

More than 10 months have passed since the Libra was introduced, and the initial plan to create a one-day global currency has faced many criticisms from regulators. They feared that Libra might undermine the stability of the monetary system and that central banks would lose all power. It was also one of the problems, that the currency would be abused in the black market and for money laundering.

However, the organization still hopes to create a true version of the Libra digital currency under the slogan they wrote and published today in their white paper “a digital composite of some of the single-currency stablecoins,”

The Libra association, consists of several members, each member also participates in financing the activities of the association and the project. Dante Disparte – head of policy for the Libra Association said that even though Facebook is the largest member and founder, it provides less than 10% of the funding. However, it still confirms its significant position on the number of the 22 members in the association.

We are currently in a situation where we cannot predict with certainty whether Libra will be published this year and to what extent, but we have at least one statement from Dante Disparte “We’re working toward a late 2020 readiness timeline”.

Source: Bloomberg

Do not forget to read yesterday’s article: Leaked information – China has undergone internal testing of China’s National Digital Currency


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