Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: rajput on June 02, 2021, 09:52:12 AM
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Facebook’s Libra cryptocurrency is set to make its debut in early 2021.
The digital token from the world’s largest social network could launch as early as January — albeit in a scaled-back form, the Financial Times reports.
The Geneva-based Libra Association that will issue the stablecoin will launch a single digital coin backed one-for-one by the dollar, three sources told the publication, rather than multi-currency coins.
The moves represent a major cutback in the project’s ambitions and arrives after the project has received intense political backlash, with regulators and central banks around the world raising concerns that it could upset financial stability and erode mainstream power over money.
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Stablecoins are designed to avoid the volatility typical of cryptocurrencies such as bitcoin, making them in theory more suitable for payments and money transfers.
The Libra Association, of which Facebook is one of 27 members, is seeking the go-ahead from Switzerland’s markets watchdog to issue a series of stablecoins backed by individual traditional currencies, as well as a token based on the currency-pegged stablecoins.
Facebook first announced plans to create its first cryptocurrency back in June of 2017, promising to make digital money more attractive to everyday users by linking the coins to hard assets, including short-term government securities. Consumers would be able to use the e-coins to make purchases around the world or send money to friends and family, without attaching it to their identity, Facebook said at the time.
Libra’s upcoming launch comes as bitcoin, the most popular cryptocurrency, recently rallied above 19,000 for the first time since 2017. Bitcoin is currently trading just over $16,900.
With Post wires
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info. https://nypost.com/2020/11/27/facebook-reportedly-launching-libra-cryptocurrency-next-year/
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The launch of the Libra / Diem stablecoin has been postponed for so long that market participants have already begun to forget about it. Earlier there was a stir around it, but it ruined this coin, because it attracted too much attention from regulators. After that, she began to have endless technical difficulties. Zuckerberg even reported to the US Senate and promised that the coin would not be linked to his Facebook. However, this did not help much either. Then they decided to run away from the regulators, registering in Switzerland under the new name Diem. However, here too it failed, as it turned out that a cryptocurrency company under the same name had existed in England for some time. For now, we look forward to further adventures of this still unreleased coin.
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Again, we do not see the Libra / Diem stablecoin promised at the beginning of last year. No matter how Zuckerberg tries to avoid the close attention of regulators, they are still watching the emergence of this stablecoin and to ensure that Libra / Diem has nothing to do with Facebook. Without Facebook, this dollar-backed stablecoin won't stand out and is unlikely to have the success it was hoped for.
The outlook for Libra / Diem is still very unclear.
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It appears that the Libra/Diem stablecoin will never be released. Now Zuckerberg is considering selling the assets of this project, although there is not much to sell there. Not only news channels write about this, but also on Facebook itself:
https://decrypt.co/91523/facebook-meta-libra-diem-stablecoin-is-dead
All of Zuckerberg's efforts to bypass the regulators have come to nothing. But this was worth the wait.
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It appears that the Libra/Diem stablecoin will never be released. Now Zuckerberg is considering selling the assets of this project, although there is not much to sell there. Not only news channels write about this, but also on Facebook itself:
https://decrypt.co/91523/facebook-meta-libra-diem-stablecoin-is-dead
All of Zuckerberg's efforts to bypass the regulators have come to nothing. But this was worth the wait.
The Libra/Diem project seems to have disappeared, if not forever, then for a long time. For a long time there was information that Zuckerberg sold it to some bank. I thought that the bank decided to continue Zuckerberg's idea, however, under changed conditions and taking into account their own interests. However, no more information has been released about this stablecoin. It appears to be a dead unborn stablecoin.
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Very sad if i'm still remeber Hive from LIBRA project since first launching , maybe 2021 or late and this is result , LIBRA notyet have a good News from Mark Zuckerberg.
Day after day.
Week after week.
Month after month.
Year after year but in fact LIBRA does not provide positive results and the results are like this, there is no progress from the LIBRA project.
Until this moment in December, at the end of 2023, there has been no more good news from LIBRA and this is very unfortunate, considering that the owner of the LIBRA project is Mark Zuckerberg, the owner of Facebook.