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Facebook Adds Singapore Dollar to Libra Cryptocurrency Basket

September 11, 2019 at 2:00 AM | By Jit Sutradhar News

Details are emerging on which fiat currencies could support the stable currency of Libra.

Bloomberg reported Monday that Facebook wrote a letter to US senators. UU. About Libra, addressing concerns about the possible Chinese influence on cryptocurrency. Senator Mark Warner (D-Va.) Previously wrote to Facebook asking the company to exclude the Chinese yuan from the asset basket that supports Libra’s stable currency.

“Any decision to add a new currency to the Libra Reserve would be taken based on all the facts and circumstances at that time, including direct or indirect regulatory restrictions,” according to Facebook reports, he added that the decision would be made by Libra Association. , not Facebook itself.

According to Bloomberg, Facebook provided a list of possible currencies to include in the Pound Reserve, but it seemed not to say that the yuan would be completely excluded.

The US dollar, the euro, the Japanese yen, the pound sterling and the Singapore dollar were included in the letter.

David Marcus, Facebook’s blockchain leader, previously told the Financial Services Committee of the US House. UU. That 50 percent of the basket that supports Libra would be US dollars, and the other half in stable sovereign currencies and low-risk assets.

Controversial launch

Facebook first revealed its vision for Libra this summer, announcing that it would create two tokens: the Fiat-backed stablecoin and a security token that Libra government council members could use to oversee the network.

The project faced an immediate setback, with regulators in the US. UU. And several other jurisdictions that immediately asked the company to stop the development until the questions of the legislators could be answered.

Marcus de Facebook testified before the Financial Services Committees of the House of Representatives and Senate Banking in July, trying to reassure lawmakers that the cryptocurrency would not destabilize the global monetary system.

The company has pledged to continue developing the project, although it said it would not be launched until regulatory issues have been resolved.

Facebook image via Shutterstock

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