It’s been over a year since Facebook’s Libra Association announced plans to launch a digital currency. After setbacks concerning the stable coin’s ability to destabilize the global economy, the Libra team revamped their white paper.
Now it looks like the slim version of the coin is set to launch in a matter of months as long as it is approved by FINMA (Swiss Financial Market Supervisory Authority). Approval seems imminent as regulars feel more confident in the dollar-backed crypto asset. Libra also plans to have several other fiat currencies behind the stable coin, making it a global financial system.
Although the financial regulators may finally approve of Libra, they still face setbacks. Some initial supportive businesses like PayPal, Stripe, Visa, Mastercard, and eBay pulled out of the project over a year.
Using Blockchain technology, the coin’s main goal is to provide fast, reliable payment gateways for merchants, costumers, and peers.
With support from Facebook’s network of over 2.7 billion monthly users, Libra has the potential to get the attention and adoption of mainstream consumers. By doing so they can certainly impact the global remittance problem.
See our updated article about Libra’s name change to Diem.