Libra, Facebook’s controversial cryptocurrency, will launch in January, according to The Financial Times. Facebook aims to give its 2.4 billion users a digital currency for quick, easy and safe transactions.
The social media giant plans to release a watered-down version to critics and regulators. Initially designed to be backed by several currencies, Facebook pivoted. Instead, it will seek regulatory approval by backing its coin by the dollar.
Facebook designed Libra as a "StableCoin" in the cryptocurrency market. Unlike bitcoin and other cryptocurrencies, Libra’s value will be pegged to a currency rather than its price fluctuating on demand. Libra will match against the U.S. dollar and maintain a 1:1 value.
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