Facebook introduced the initial list of currencies to provide stablecoin Libra

Facebook introduced the initial list of currencies to provide stablecoin Libra

The initial basket of currencies to secure the Libra stablecoin will probably include the US dollar, euro, yen, British pound and Singapore dollar.

As you can see, the Chinese yuan is not on the list. This is in line with the concerns of Senator Mark Warner, who claims that China is pushing the authorities of other countries to use its national currency during the formation of state reserves, so he asked Facebook to ignore the yuan and not use it. Warner and others believe that in this way, China is trying to increase the stability of its national currency.

Representatives of Facebook during the transfer of the above list to US senators said that the final decision depends not only on them, but on representatives of the entire Libra Association, which includes many companies.

“When deciding to add a new currency to Libra’s reserves, all facts and circumstances will be taken into account, including the presence of direct or indirect regulatory restrictions,” Facebook writes.

“The Libra Association will not offer Libra digital currency in any region until it dispels all concerns of regulators and receives proper approval in this jurisdiction,” the company’s representatives added, with a special emphasis on the desire to comply with US regulatory requirements.

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Last week, a senior official from the Central Bank of China revealed
certain details of the country’s future national digital currency, noting that the principles of its functioning will be largely similar to Libra.


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