A Limited Format of Facebook’s Libra Coin is Set to Launch Next Year
By Luke F – Cryptocurrency Broker
The long-anticipated Facebook-driven cryptocurrency Libra is expecting to launch in January next year. This is according to a Financial Times announcement who cited three individuals involved in the project. The popularity of blockchain technology and crypto buying is encouraging more companies to enter the space of Bitcoin investing and Facebook is certainly one of them.
Facebook’s Libra Association board had cited their roadmap which plans to release tokenised versions of several currencies. This is in addition to a ‘digital composite’ of all its coins launched later in the year which could be traded to buy Bitcoin, for example. It has been reported that this received concerns from regulators who questioned the initiative’s plan to assign one coin backed by many. The precise launch date will be determined by the Swiss Financial Market Supervisory Authority.
First released in June 2019, the downgrading of Libra’s initial vision is the result of sceptical global authorities, who note that it could hinder currency stability and allow an environment for money laundering. Due to this, Facebook confirm the initiative will first see a single coin backed by the dollar rolled out. While the restricted format may comply with cautious regulators, the crypto community have shown disapproval for their shift to a single-currency coin. According to critics this could undermine its decentralised vision of financial inclusion, with additional costs making cryptocurrency trading more expensive for some users.
The Libra foundation have also faced attacks for its connection with the social media giant, who have themselves encountered numerous privacy accusations and scandals. However, multiple Libra contributors are confident that the appointing of HSBC Legal Chief and Terrorism Finance adviser Stuart Levey earlier in the year as their initial chief executive, marks a pivot for the project and its transparency, who sought to display themselves as an independent entity.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards