The British “Financial Times” quoted one of them as saying that the Geneva-based Libra Association will issue and manage Libra, and they plan to launch a digital coin backed by the US dollar.
This move will be larger than the reduction in project ambitions proposed in April in response to strong regulatory and political opposition to the project.
Libra, launched by Facebook last year, was relaunched in a streamlined form, after regulators and central banks around the world expressed concern that it might undermine financial stability and erode mainstream monetary power.
Facebook is one of the 27 members of the Libra Association (Libra Association) is seeking approval from the Swiss market regulator to issue a series of stablecoins backed by individual traditional currencies, as well as tokens based on stablecoins linked to currencies.
The British “Financial Times” stated that according to the agency’s new plan, other coins backed by traditional currencies and synthetic currencies will be launched later.
The Libra Association did not immediately respond to a request for comment. The Swiss regulator FINMA only elaborated after it issued a statement in April confirming receipt of Libra’s payment permission application.
Stablecoins are designed to avoid the typical volatility of cryptocurrencies such as Bitcoin, and theoretically make them more suitable for payments and remittances.
© Thomson Reuters 2020
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