The long-awaited digital currency Libra could finally see the light of mean solar day equally soon equally Jan 2021, according to a new report.

Following more than than a yr of scrutiny from global financial regulators, Libra will launch in the form of a U.S. dollar-backed digital currency, the Financial Times reported on Nov. 27.

Citing iii people involved in the Libra project, the Financial Times wrote that the Libra Association plans will eventually add more fiat currencies to the basket of assets that back Libra's value.

Expected in Jan, the verbal launch date is even so not known and would depend on when the Libra Association receives regulatory approval past the Swiss Fiscal Market Supervisory Authorization, or FINMA, to operate as a payments service.

A spokesperson at the FINMA declined to comment to Cointelegraph regarding Libra's potential launch in January 2021. The representative referred to an announcement on Libra's licensing process, stating, "In accordance with its usual practice, FINMA will neither provide public data on the status of the ongoing process nor speculate on when it may be consummate."

The Libra Association did not immediately respond to Cointelegraph's request for further information.

Initiated in June 2019, the Libra Clan faced major regulatory scrutiny causing a number of member companies like PayPal and MasterCard to afterwards leave the project. The handbasket of currencies backing LIbra was originally to include several fiat currencies including the U.Southward. dollar, euro, the Japanese yen, the British pound and the Singapore dollar.

Co-ordinate to the Fiscal Times, several Libra members believe that the appointment of HSBC legal principal Stuart Levey as principal executive was a turning point for the Libra project.