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Facebook Reveals Cryptocurrencies Supported By Libra

3 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.

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