Facebook's Libra cryptocurrency could launch in January

Facebook's Libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project.

This isn't actually Facebook's cryptocurrency. It's a project of the Libra Association, which Facebook co-founded. The association, which will serve as a monetary authority for the cryptocurrency, says Libra's purpose is to "empower billions of people," citing 1.7 billion adults without bank accounts who could use the currency.

The 27-strong Libra Association said in April that it had planned to launch digital versions of several currencies, plus a "digital composite" of all of its coins. This followed concerns from regulators over its initial plan to create one synthetic coin backed by a basket of currencies.

However, the association would now initially just launch a single coin backed one-for-one by the dollar, one of the people said. The other currencies and the composite would be rolled out at a later point, the person added.

The news comes as PayPal, one of the original Libra members, rolled out its own crypto buying and selling service this month to a warm response. But Libra will have to make do with its stablecoins.

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