Following more than a year of scrutiny from global financial regulators, Libra will launch in the form of a U.S. dollar-backed digital currency, the Financial Times reported on Nov. 27.
Citing three people involved in the Libra project, the Financial Times wrote that the Libra Association plans will eventually add more fiat currencies to the basket of assets that back Libra’s value.
Expected in January, the exact launch date is still not known and would depend on when the Libra Association receives regulatory approval by the Swiss Financial Market Supervisory Authority, or FINMA, to operate as a payments service.
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