Facebook’s Libra Cryptocurrency is set to launch in January next year after a series of setbacks

We all know that Facebook has improved the ability to use WhatsApp to send us a message, a photo, a video clip, an audio clip or any other file. Earlier it was reported that they are preparing a system that will use cryptocurrency to enable people to send money through WhatsApp as well.

Facebook was initially set to launch its latest cryptocurrency, the Libra cryptocurrency with the support of Visa, Mastercard, Paypal, Uber and Booking.com. Following the official announcement of the Libra cryptocurrency, it caught the attention of many around the world, but gradually Stripe, eBay, Paypal, Mastercard and Visa and several of its affiliates decided to withdraw.

A subsidiary of Facebook — Current Bank filed a lawsuit against Calibra which controls the Libra cryptocurrency, saying that the logo of Current and the logo of Calibra are somewhat similar.

However, according to a report on the Financial Times website, the cryptocurrency, Libra coin, is expected to launch in January 2021.

When it was first released, it was created as a cryptocurrency based on the average fiat currency and other reserves. However, many central banks and monetary regulators have been conducting surveys on this vision, and as a result of the pressure exerted, Libra Coin has changed its outlook and decided to create its own coin in the form of a Stablecoin that does not change its value on other currencies.

Stablecoins are cryptocurrencies that do not change in value relative to specific currencies, and are not as volatile as other currencies such as Bitcoin and Ethereum. For example, the USDT (Stable Coin) is always valued at US $1.

Libra has stated that its cryptocurrency will be based primarily on USD, EUR, GBP and SGD, and according to the Financial Times, Libra plans to launch a coin worth one dollar. It will compete directly with other stablecoins such as USDC, PAX and Tether (USDT), and they are reportedly looking forward to launching a standard cryptocurrency in the future.

It is reported that Facebook is also preparing to launch its own wallet to manage this Libra currency. This was originally called Calibra. Powered by a Facebook affiliate, it was rebranded as Novi last May.

It is also reported that Libra will be implemented as a separate application for sending or receiving money, and Messenger and WhatsApp will also be able to use this money. As expected by Facebook, the Libra currency will be available for peer to peer transactions and remittances in the future.

In addition, other members of the Libra Association including Farfetch, Lyft, Shopify, Spotify and Uber will continue to provide their Libra-based services, but these will not be available at this initial launch.