The Libra cryptocurrency will see the green light despite the unsuccessful start of the project and pressure from regulators. Facebook could release dollar-pegged stablecoins as early as January 2021.

Facebook does not leave hopes to bring its cryptocurrency project to life. In January 2021, Facebook plans to release the Libra cryptocurrency into circulation, the Financial Times reports. Libra stablecoins will only be pegged to US dollars at a 1:1 ratio and backed by corresponding bank deposits. Earlier, the Libra Association standing behind the project reported that it plans to issue several stablecoins pegged to different major currencies such as the US dollar, euro, pound sterling and so on.

The launch of the digital currencu is still subject to regulatory approval, the newspaper said, citing three anonymous sources. Facebook and the Libra Association running the project declined to comment. The exact date of the Libra issue depends on its approval from the Swiss financial regulator.

Facebook officially announced its plans to launch Libra project in June 2019. Libra digital currency is designed to make cross-border payments more affordable, cheaper and faster, and to help millions of unbanked persons who do not have access to banking services.

The Libra Association was registered in Switzerland and included many technology companies such as Lyft, Spotify, Shopify. But a few months after its launch, due to harsh criticism of global regulators and pressure on Facebook from the US authorities, several prominent participants of the association, such as payment giants Visa, PayPal and others, left the organization.

The Libra wallet, originally called Calibra, was renamed Novi in ​​May 2020 as part of a revised project concept. Zuckerberg acknowledged that the emergence of Libra would be beneficial to Facebook, as it would increase demand for advertising on the social network and therefore increase Facebook's ad revenue.