According to the Financial Times, the Libra Association now plans to launch a single coin back one-for-one by the US dollar. The 27-member consortium reportedly still plans to create coins based on other fiat currencies, but those will come at a later date. The composite coin will come later as well. Libra’s exact release date will depend on whether the currency gets the necessary approvals from regulators.
Facebook will likely launch Novi, its Libra wallet, at the same time. One person involved with the wallet told the Financial Times it’s “ready from a product perspective.” The app will allow you to send and receive Libra tokens. You’ll also be able to use Messenger and WhatsApp to manage your Libra balance. Facebook reportedly won’t launch Novi everywhere, instead it will focus its efforts initially on the US and a couple of countries in Latin America where digital currencies are already popular.
What the report doesn’t tell us is what some of the Libra Association’s more high-profile members such as Spotify and Uber plan bo do when the coin is available to the public. They told the Financial Times they’ll take a wait and see approach before investing in use cases.