Facebook's long-awaited libra currency to reportedly launch in a limited form early next year

Facebook's Libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday.

Libra, a new cryptocurrency being created by Facebook and others, could launch as soon as January but in a limited format, according to a report from The Financial Times, which cited sources familiar with the matter.

The Libra Association, which has 27 members including Facebook, was planning to launch digital versions of several traditional currencies. But now it is reportedly only planning to launch a single coin backed by the dollar.

The scaling back of the project, which was started by a group of Facebook executives, comes after global regulators warned an influx of new libra coins could threaten monetary stability. Facebook did not immediately respond to CNBC’s request for comment.