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Facebook cryptocurrency Libra to launch as early as January but scaled back

The Geneva-based Libra Organization, which will issue and regulate Libra, aims to launch a single dollar-supported digital coin, the FT said, citing one of the individuals.

The Geneva-based Libra Organization, which will issue and regulate Libra, aims to launch a single dollar-supported digital coin, the FT said, citing one of the individuals.

After regulators and central banks around the world raised concerns that it could disrupt financial stability and erode conventional control over money, Libra, unveiled last year by Facebook Inc, was relaunched in slimmed-down form.

The Libra Group, of which Facebook is one of 27 members, is seeking the go-ahead of the market watchdog of Switzerland to issue a series of stablecoins funded by conventional currencies as well as a token based on stablecoins pegged with currency.

Yet other coins backed by conventional currencies, as well as the hybrid, will be launched at a later date under the body’s new programme, the FT said. The Libra Association did not respond to a request for comment immediately. FINMA, the Swiss regulator, did not elaborate beyond the April statement confirming receipt of Libra’s payment license submission.

The Libra Association did not respond to a request for comment immediately. FINMA, the Swiss regulator, did not elaborate beyond the April statement confirming receipt of Libra’s payment license submission.

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