Singapore Dollar Added to Sovereign Currencies to Back Facebook’s Libra

Asia Blockchain Review
September 19, 2019
Singapore Dollar Added to Sovereign Currencies to Back Facebook’s Libra

Since Facebook first announced plans to launch its Libra cryptocurrency, regulators have expressed concerns over its potential impact on the financial system. According to Bloomberg, Facebook sent a letter to U.S. senators to address their concerns after Democratic Senator Mark Warner requested that the social media giant leave the Chinese yuan out of the sovereign currencies backing Libra.

Possible Currencies for Libra ReserveC

As reported by Coindesk, Facebook clarified that it is not the body deciding which currencies will be backing Libra.

“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,” Facebook said in its letter, noting that Libra Association will be the agency responsible for making the decision.

Facebook also listed currencies which may be selected for the Libra Reserve, with the U.S. dollar, euro, Japanese yen, British pound and the Singapore dollar mentioned in the letter.

Previously, Facebook’s blockchain lead, David Marcus, revealed that half of the assets backing Libra will be U.S. dollars, with the remainder in other sovereign currencies as well as low-risk assets.

Hurdles to Libra’s Prospective Launch

After Facebook announced its cryptocurrency earlier this year, regulators in many countries have been urging the company to put a hold to Libra’s launch until Facebook can address the concerns of regulators.

To answer growing concerns, Facebook stated that Libra will not put the global monetary system out of balance. It also said that it will go ahead with the project, it promised not to launch the cryptocurrency until regulatory issues have been addressed.


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