Fb's long-awaited Libra forex is slated for a restricted launch early subsequent yr
Mark Zuckerberg, Chairman and CEO of Facebook, testified to the House Financial Services Committee at the Rayburn House office building in Washington, DC on October 23, 2019 about "An Inquiry into Facebook and Its Impact on the Financial Services and Housing Sectors."
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Libra, a new cryptocurrency being created by Facebook and others, could launch in a limited format as early as January, according to a Financial Times report citing sources familiar with the matter.
The Libra Association, which has 27 members, including Facebook, planned to introduce digital versions of several traditional currencies. But now there are only alleged plans to launch a single coin backed by the dollar.
The downsizing of the project, started by a group of Facebook executives, came after global regulators warned that the influx of new Libra coins could jeopardize currency stability. Facebook did not immediately respond to CNBC's request for comment.
Read the full story of the Financial Times here.