Scaled-Down Version Of Libra Could Arrive In January 2021

A scaled-down version of Facebook’s Libra cryptocurrency could arrive in early 2021 but it will not be the same as the original idea so let’s read more in the latest Libra news today.

Although Facebook failed to launch Libra in 2020 as planned initially, the social media giant could launch a scaled-down version in early 2021. Finance times cited three people that are already working on the project, claiming that Libra’s long-awaited launch will come in January 2021 but slightly different from the original version. Libra now shifted from the original idea of being a “single global digital currency” to creating a series of multiple digital coins.

The Financial Times report asserted that Libra will see the light of day finally after receiving approval to function as a payments service from the Swiss Financial Market Supervisory Authority. However, the Association will initially release a single coin backed one-for-one by the dollar while other currencies will also be rolled out later if the FINMA application is successful. Facebook made a mess into the finance world a year ago after announcing plans to launch its own crypto dubbed Libra. After receiving plenty of scrutiny from world watchdogs, the project underwent hundreds of changes like executive replacements and modifications to the original project.

Libra suffered a few blows when a few other notable partners left the Association including eBay, PayPal, Mastercard, and Vodafone. In the meantime, the Association decided to salvage the project and make further changes by renaming the wallet provider from Calibra to Novi.

We’re pleased to announce Saumya Bhavsar as General Counsel of Libra Networks. https://t.co/6u953Q8FHZ

— Diem Association (@DiemAssociation) November 25, 2020

As reported previously, Libra hired new General Counsel for its Payments Subsidiary branch in the Libra Network. Saumya Bhavsar worked in Credit Suisse as well as UBS and US Treasury Department. The Libra association which is overseeing Facebook’s digital currency initiative appointed Saumya Bhavsar as the general counsel for the network’s subsidiary. The Association hired Saumya who is a lawyer with an experience at Credit Suisse and UBS who will serve as a general counsel for the payments operation-Libra Network. The Libra Association was established by Facebook in 2019 to oversee the company’s digital currency initiatives including the digital currency of Facebook so according to the website, it is an independent financial governance organization based in Switzerland and organized by Facebook. The chief architect of the crypto currency David Marcus is one of the few members that are sitting on the board.