Finally, some good news for Facebook’s stablecoin Libra!

After PayPal, Facebook is ready to enter the cryptocurrency market with its digital currency Libra. Paypal along with, Mastercard and Stripe were some earliest corporate partners of Libra. However, back in 2019, due to regulatory intervention, the companies had exited from the partnership. The project is back in the limelight, with finally some good news to share- the “Limited” version of Libra is scheduled to release early next year- in January.

Contrary to the original idea, where Facebook had envisioned Libra to be an International Currency backed-up by several fiat currencies. The “Limited” version of Facebook’s stablecoin Libra will be pegged against USD. Much like regulated stable coins USD Coins and Gemini Dollar that operate in the cryptocurrency market today.

Some companies that have already shown a positive inclination to get onboard with Libra include Uber and Spotify. Depending on the market reaction, the companies may allow its users to use Libra as a method of payment.

However, the company is still awaiting approval from Swiss Financial Market Supervisory Authority. Moreover, Libra would only be allowed to pegged against other fiats depending on whether or not it will meet regulatory compliances.

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