Facebook intends to launch its cryptocurrency Libra as early as January 2021. As you are aware, there is Geneva-based Libra Association. It plans to launch a single digital coin backed by the dollar. Since Facebook has to counter regulatory and and political resistance, it can scale back the ambitious project. There is a feeling that Libra could upset financial stability and mainstream power over money.

Facebook is one of the members of the 27-member The Libra Association. It seeks a green signal from Switzerland’s market regulator to issue a series of stablecoins backed by individual traditional currencies, and a token based on the currency-pegged stablecoins. This new plan will be introduced at a later date.

Stablecoins are designed to avoid the volatility typical of cryptocurrencies such as bitcoin. It makes them suitable for payments and money transfer.