October 27, 2020

Facebook revealed a list of fiat currencies that will be provided with Libra cryptocurrency

Facebook revealed a list of fiat currencies that will be provided with Libra cryptocurrency

According to the German edition of Der Spiegel, in addition to the US dollar, the Libra basket will include euro, yen, British pound and Singapore dollar.

Note that the Chinese yuan was not included in this list, which may be due to tense trade relations between the United States and China.

A percentage breakdown was presented in a letter to German lawmaker and former member of the European Parliament Fabio De Masi, who is critical of Facebook’s digital brainchild.

Facebook revealed a list of fiat currencies that will be provided with Libra cryptocurrency

Recall earlier, US regulators expressedconcern over this initiative, while the French finance minister announced a possible blockage of the Libra project. A member of the board of the European Central Bank also warned of threats associated with a possible loss of economic sovereignty and control over monetary policy.

Chinese authorities also view the currency asit is developing a direct threat and is developing its own digital currency (CBDC) to solve the problem set by Libra, although the structure proposed by the People's Bank of China (PBoC) suggests a more illustrious payment system than a true cryptocurrency.