First launched in June 2019, the scaling down of Libra’s vision comes as it has received a skeptical reception from global regulators, who have warned that it could threaten monetary stability and become a hotbed for money laundering. The association would now initially just launch a single coin backed one-for-one by the dollar - the other currencies and the composite would be rolled out at a later point.
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Facebook’s Libra currency to launch next year in limited format
One person involved in Novi said that the wallet was “ready from a product perspective”, but would not be rolled out everywhere initially, with the company prioritising “half a dozen high-volume remittance corridors” including the US and some Latin American countries.
