Facebook controversial Libra cryptocurrency could launch as early as January, according to the Financial Times, but it appears the project has once again scaled back its ambitions. When the Libra Association, the consortium Facebook co-founded to oversee the project, shared its latest plans in April, it said its goal was to create multiple digital “stablecoins” of fiat currencies such as the dollar, euro and pound.
As TechCrunch explains, stablecoins are cryptocurrencies that don’t fluctuate in value against the real-world money they’re based on. In that way, a single stablecoin backed by the dollar is always worth one dollar. The Libra Association had also planned to create a composite of all of its tokens. The group came out with this plan after regulators expressed concerns over its original intention to create a cryptocurrency based on a basket of real-world currencies.