Discussions are taking place as to which fiat currencies may support the stablecoin, Libra. Singapore dollar added to the Libra crypto basket of Facebook.
Facebook addressed concerns about the probable Chinese impact on its cryptocurrency by writing a letter to the US. Senators.
Sen. Mark Warner (D-Va.) wrote to Facebook requesting the company to omit the Chinese Yuan from the basket of assets backing the Libra stablecoin.
Facebook is reported to have written:
“Any decision whether to add a new currency to the Libra Reserve would be made based on all the facts and circumstances at the time, including any direct or indirect regulatory restrictions.”
It also added that the Libra Association would take the decision and not Facebook itself.
Singapore dollar added to the Libra crypto basket of Facebook. Facebook listed possible currencies that should be in the Libra Reserve, but it seemed that the yuan would exclude completely.
The letter included:
- U.S. dollar
- Japanese yen
- British pound
- Singapore dollar
David Marcus previously informed the U.S. House Financial Services Committee that the blockchain lead from Facebook, that 50% of the Libra basket backing would be U.S. dollars, while the other half would be stable sovereign currencies and minimal-risk assets.