Facebook Reveals Cryptocurrencies Supported By Libra

1 min reading

Facebook sent a letter to the senators of the US in which it informed what currencies would be included in the basket of cryptocurrencies supported by Libra.


Conflict with China

The letter was a response to the anxiety of the Virginia's Democratic Senator Mark Warner, who said China, with which the United States is in trade disputes, will urge the Libra Association to include the yuan currency in the stable coin. According to him, China would manipulate its own currency this way in order to strengthen it. The senator demanded a writing confirmation that Facebook does not intend to add this currency to the Libra basket. 

As Bloomberg's latest reports indicate, the Senator Warner has most likely achieved his goal. The currencies that will support Libra are: US dollar, euro, British pound, Japanese yen and Singapore dollar. This decision, though, must be made by the entire Libra Association and not just Facebook.

"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."

 - says a fragment of the Facebook letter directed to American senators.

Libra's problems

Almost since the Libra's creation announcement, Facebook has been facing a wave of criticism from politicians, legislators and even some corporations. The Libra Association consists of almost 30 companies that are responsible for the development of the cryptocurrency. Because of that one of the allegations is the lack of decentralization of coin, which, under the supervision of a closed group of entities, will not operate so freely. When it comes to the support of various world currencies, this is also a fundamental difference between Libra and Bitcoin.

As for Facebook's cryptocurrency project, various allegations were made, but the majority of them regarded the legal doubts that Libra brings. The European Central Bank, on the other hand, is concerned that Facebook will be followed by other large corporations which will begin to have the ambition to find their place in the global banking sector.

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Tokeneo TEO OU. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TOKENEO TEO OÜ (an Estonian law limited liability company) with its registered offices in Tallinn (in the province of Harju Maakond), at 19-7K Maakri Street (in the district of Kesklinna Iinnaosa), 10-145 Tallinn, Estonia, registered on 21.12.2018 in the Estonian Business Register under number 14630242, using the EU VAT number: EE102149487.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.