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Facebook’s libra cryptocurrency is reportedly preparing to launch with a single cryptocurrency, a scaled-down version of its original plan. The launch date for Facebook’s libra could be as early as January.

Launch Date for Facebook’s Libra

The cryptocurrency libra, proposed by social media giant Facebook, is reportedly preparing to launch as early as January next year. However, only a limited version of the libra cryptocurrency will launch at that time.

According to the revised libra whitepaper, the Libra Association intended to initially launch with some of the currencies in the proposed libra basket, such as “librausd or USD, libraeur or EUR, libragbp or GBP, librasgd or SGD),” the association explained. However, the Financial Times reported Friday:

The association would now initially just launch a single coin backed one-for-one by the dollar … The other currencies and the composite would be rolled out at a later point.

The exact launch date for the libra crypto would depend on when the project receives approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). Three people familiar with the matter told the publication that it could come as early as January. Libra’s application was initiated in May.

Facebook unveiled the libra project in June last year and later scaled down its plans after being scrutinized by regulators worldwide. The Libra Association has 27 members currently, including Facebook’s David Marcus, who is Head of Facebook’s subsidiary Novi Financial, formerly Calibra. According to Facebook, “The first product Novi Financial will introduce is the Novi digital wallet designed for Libra, a new payment system which is built on innovative blockchain technology.”