Last year, Facebook’s Libra cryptocurrency faced antitrust scrutiny from both the US and the EU authorities. Despite these difficulties, the company has recently announced the long-awaited launch of its digital currency. Initially, such market leaders as PayPal, Mastercard, Vodafone, Visa, Uber, Booking Holdings, eBay, and others joined the Libra project. However, most of them withdrew from it after the cryptocurrency came under pressure from the US and the European regulators. Obviously, this was a hasty decision. Libra’s exact launch date will depend on the approval from the Swiss Financial Market Supervisory Authority, but it could happen as early as January. Notably, Facebook will not be able to fully implement its crypto projects. Earlier, the company planned to launch several digital currencies, but later it had to limit the format after facing skepticism from global regulators. In January, the company will present only one type of virtual currency which will be backed by the US dollar. This is already a good start. According to specialists, Libra is based on blockchain technology, a decentralized database where the storage devices are not all connected to a common server. The first month of 2021 is going to be an exciting time for the crypto market.
