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Facebook reveals initial basket of currencies backing its cryptocurrency ‘Libra’

Tue, 10 Sep 2019, 09:35 am UTC

In a major update, Facebook has revealed the list of potential currencies that will back its Libra cryptocurrency, Bloomberg reports.

While the social media giant clarified that any such decision would be ultimately made by the Libra Association, the governing body of the Libra project, it said that the initial basket of currencies will likely include the U.S. dollar (USD), euro (EUR), yen (JPY), British pound (GBP), and Singapore dollar (SGD).

Facebook revealed the initial list in response to the concerns from U.S. Senator Mark Warner, a Virginia Democrat who sits on Senate Banking Committee.

Warner was reportedly apprehensive about China pushing the association to include yuan in the basket of currencies backing Libra. He had even asked Facebook to commit to excluding the fiat currency from the basket.

The concerns stem from the efforts of the Chinese monetary authorities to make its currency more stable, which is widely believed to be manipulated by the government.

In addition to the initial basket of cryptocurrencies, Facebook also hinted at the possibility of launching the cryptocurrency in other countries even if U.S. regulators have concerns.

“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,” Facebook wrote in response to the written questions from Warner.

Just recently, an executive of the Libra Association asked its members to show their support publicly amid the increasing regulatory scrutiny in the U.S. and Europe. Bertrand Perez, Libra Association’s Managing Director and Chief Operating Officer, told Bloomberg Law, “It’s time for us to speak up individually and collectively and build some momentum coming into the end of 2019.”

The crypto project continues to face intense regulatory pushback. European Central Bank (ECB)’s executive board member Yves Mersch recently warned that Libra is posing a threat to monetary policy and called it “beguiling but treacherous.”

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