• Sun, 22 Sep 2019, 01:29 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,984.00 (-1.90%)
  • Ethereum (ETH) $212.76 (-2.97%)
  • XRP (XRP) $0.285400 (-3.42%)
  • Bitcoin Cash (BCH) $308.55 (-2.54%)
  • Litecoin (LTC) $72.68 (-3.35%)
  • Bitcoin (BTC) $9,984.00 (-1.90%)
Sep 20, 2019 (Friday)
14:09
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
14:08
Crypto Technicals: LTC/USD Technical Analysis Summary
12:44
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:57
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
10:17
Coinbase considers listing 17 new digital assets including Kadena and Telegram
10:08
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
09:56
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
08:41
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
07:01
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
06:22
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
06:22
Bank of America joins blockchain-based trade finance network Marco Polo
05:25
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
05:14
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
05:09
Crypto trader Genesis acquires Qu Capital to bolster trading technology
04:30
Crypto Technicals: IOT/USD Technical Analysis Summary
03:43
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
03:40
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
03:37
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
03:34
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft