Scottish Daily Mail

Face­book ready to launch Li­bra

- Business · Cryptocurrencies · Banking · Financial Technology · Finance · Facebook · United States of America · MasterCard · Visa International Service Association · Vodafone · Ebay · Bank of England · England

FACE­BOOK will launch its crypto-cur­rency in a mat­ter of weeks, de­spite prom­i­nent back­ers and reg­u­la­tors re­fus­ing to back the as­set.

Li­bra was first an­nounced to great fan­fare back in June 2019 with the am­bi­tion of be­com­ing a global cur­rency.

But since then the project has been dogged by prob­lems.

The launch in Jan­uary will see Face­book re­lease a sin­gle dig­i­tal coin backed by the US dol­lar, down­grad­ing am­bi­tions for it to be backed by a bas­ket of cur­ren­cies.

Face­book has lost a num­ber of high­pro­file back­ers for the crypto-cur­rency in­clud­ing Master­card, Visa, Voda­fone and Ebay which all dis­tanced them­selves from the con­tro­ver­sial project.

Last year the Bank of Eng­land and other cen­tral banks warned that Li­bra could threaten mon­e­tary sta­bil­ity and be­come a hot­bed for money laun­der­ing.

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