Altcoin News: Facebook Introduced the Initial List of Currencies Tied to Libra

September 10, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The initial basket of currencies to secure the Libra stablecoin may include the US dollar, euro, yen, British pound, and the Singapore dollar.

As you can see, the Chinese yuan is not on the list. This is in line with the concerns of Senator Mark Warner, who claims that China is pushing the authorities of other countries to use its national currency during the formation of state reserves, so he asked Facebook to ignore the yuan and not use it. Warner and others believe that in this way, China is trying to increase the stability of its national currency.

Representatives of Facebook during the transfer of the above list to US senators said that the final decision depends not only on them but on representatives of the entire Libra Association, which includes many companies.

“Any decision whether to add a new currency to the Libra Reserve would be made based on all the facts and circumstances at the time, including any direct or indirect regulatory restrictions,” Facebook wrote. “We understand that the Libra Association will not offer the Libra digital currency in any jurisdiction until it has fully addressed regulatory concerns and received appropriate approvals in that jurisdiction,” the company’s representatives added, with a special emphasis on the desire to comply with US regulatory requirements.

Last week, a senior official from the Central Bank of China revealed certain details of the country’s future national digital currency, noting that the principles of its functioning will be largely similar to Libra.

Author: Marko Vidrih