Facebook reveals how Libra will be backed: 50 percent U.S. dollar, zero percent Chinese yuan
Facebook's cryptocurrency Libra hasn't exactly had a good start, with critics pummeling it from all sides since its revealing in June. Most recently, France and Germany said they would block Libra altogether, as they deem that no private entity should attempt to claim monetary power.
But the company (and its Libra partners, which have mostly remained silent since the launch) trudges on. A week ago, Head of Calibra (the wallet for Libra) David Marcus took to Twitter to debunk the notion that Libra threatens the monetary sovereignty of nations.
And on Friday, German outlet Der Spiegel revealed (via Reuters) that Libra would be backed by a basket of currencies consisting of the U.S. dollar, Euro, Japan yen, British pound, and Singapore dollar. Notably, China's yuan is absent, which addresses concerns of some U.S. politicians who worry that yuan is becoming too strong a reserve currency. Read more...
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Monday, September 23, 2019
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