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Facebook Adds Singapore Dollar to Cryptocurrency Libra: Report



Details emerge about which fiat currencies can support stable Bitcoins of Libra.

Bloomberg reported on Monday that Facebook was writing a letter to US Senators on Libra, addressing concerns about China's potential impact on cryptocurrency. Sen. Mark Warner (D-Va.) Wrote earlier on Facebook, asking the company to exclude the Chinese yuan from the asset basket supporting the stable Libra.

"Any decision to add a new currency to the Libra Reserve would be made on the basis of all the facts and circumstances at that time, including any direct or indirect regulatory restrictions," the Facebook post said, adding that the decision would be taken from the Libra Association, not from Facebook itself.

According to Bloomberg, Facebook provided a list of possible currencies to include in the Libra reserve, but does not seem to stop saying that the yuan will be permanently excluded.

The letter includes the US dollar, the euro, the yen, the British pound and the Singapore dollar.

David Marcus, a leading blockchain on Facebook, previously told the US House Committee on Financial Services that 50 percent of the basket that supports Libra will be US dollars and the other half is a stable nation of n currencies and low risk assets.

Controversial Launch

Facebook first revealed its vision for Libra this summer by announcing it will create two tokens: a fixed stable bitcoin and a security sign that Libra's board members can use to monitor network.

The project faces an immediate reaction, with US regulators and a number of other jurisdictions urging the company to halt development until lawmakers' questions can be answered.

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

The company promised to continue developing the project, though it said it would not start until regulatory issues were resolved.

the image on Facebook via Shutterstock


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