Facebook plans to launch its new cryptocurrency, "Libra," in a limited way in January 2021, according to the "Financial Times" newspaper.
The Financial Times relied for its information on "three sorties" on the Facebook currency project, according to details cited by Reuters.
One of the sources confirmed to the newspaper that the Libra Association, which is based in Geneva, Switzerland, is planning to launch a single digital currency, which will be backed by the dollar.
The association’s move represents a curtailment of larger ambitions that he was planning to implement after it was announced last April.
The previous Facebook announcement raised concern among regulators and central banks around the world, over concerns about the impact of the new currency on financial stability.
The Libra Association, of which Facebook is one of its 27 members, is seeking to obtain the green light from the Swiss market watch authorities to offer a series of stable currencies backed by traditional currencies.
Libra did not respond to a Reuters request for comment.
The Swiss organizer "FINMA" did not announce any details other than what it confirmed in April regarding the receipt of an application from Libra to obtain a payment license.
And in October, a draft G7 statement showed financial leaders in the world's seven largest economies objecting to Facebook's proposed launch of the Libra currency, until it is properly regulated.
The draft statement, seen by Reuters, said these payment services should be appropriately supervised and regulated so as not to undermine financial stability, consumer protection, privacy, taxes, or cybersecurity.
Without proper oversight, such currencies could be used for money laundering, terrorism financing and nuclear proliferation, and they could harm market integrity and governance, she said.
The G7 draft expresses concern about the growing threat of ransomware attacks, which are increasing as the Corona pandemic shifts into economic activity online.
"These attacks, which often involve payments with crypto assets, jeopardize basic functions along with our collective security and our prosperity. We affirm our resolve to combat this threat collectively and individually," the draft statement reads.
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