Hello guys facebook has lunching it’s own crypto currency called Facebook Libra coin in the month of January 2021. It’s value would be backed by the US dollar. The financial times reported on Friday and the Geneva based Libra association that will issue and govern Libra plans to lunch a single digital coin backed by us dollar.
According to the financial times in may the facebook wanted to lunch it’s own crypto currency like bitcoin which is called Libra. Due to some problems they Were unavailable to lunch there crypto currency because some companys like visa, MasterCard withdrew from the project.
This project is still awaiting to get approval by the FINMA (the Swiss based Financial Market Supervisor Authority). Libra application was initiated in may. The exact lunching date of facebook Libra has depend on when the project get approval from FINMA. And the Facebook Libra association was planing the payment system like PayPal.
NOTE: Facebook Libra was changed their name on December 1st, 2020, the Libra association was renamed to diem association.
The Facebook Libra coin project was started on June 2019. The main goal of Libra to give a safe blockchain technology for everyone in the world. And it’s offering single currency stablecoins in addition to the multi currency coin.
Facebook Libra initially starting with some of the currency like LBR basket (e.g., Libra usd or USD, Libra EUR or EUR, libra GBP or GBP, Libra SGD or SGD.). And here Each single currency stablecoin will be fully backed by the reserve. Which will consist of cash or cash equivalents.