According to a report from the Financial Times , the Facebook-backed Libra cryptocurrency could be launched next January.
When the Libra cryptocurrency was first revealed, it was supposed to be an entirely new currency linked to a basket of fiat currencies and notes. It is not based on a single currency in the real world, but rather on a mixture of multiple currencies.
Many central banks and organizations were concerned about this vision. That's why the Libra Association changed course and started working on several stable currencies.
Stable currencies are cryptocurrencies whose value does not fluctuate against a specific fiat currency. For example, one unit of a stable currency backed by the US dollar is always equal to one dollar. LIBRA mentioned the US dollar, the euro, the pound sterling, or the Singapore dollar as the base currencies for its various stable currencies.
According to Financial Time, the Libra Association is now planning to launch a single dollar-backed currency. It will directly compete with other stablecoins, such as USDC, PAX, and USDT. The Libra Association still plans to introduce other currencies, but that will happen at a later time.
Facebook will likely launch its Libra wallet called Calibra ,In addition to the standalone app that will allow you to send and receive Libra codes, you will be able to manage your wallet account from Messenger and WhatsApp. Facebook expects people to start using the wallet for transfer purposes and peer-to-peer payments.