The Facebook social network said that in providing its Libra cryptocurrency, most of the world's reserve currencies will most likely be. Yuan is not among them.
Facebook vs Yuan
According to Bloomberg, Facebook told the US Senator that most likely the Libra cryptocurrency will be backed by the US dollar, euro, Japanese yen, British pound and Singapore dollar.
The social network responded to the concerns of Senator Mark Warner, who said that the Chinese authorities could force Facebook to include the yuan in providing Libra.
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- Facebook publicly announced plans to release Libra in June 2019. Since then, he has come under severe criticism from regulators and legislators around the world
- In response to Senator Warner, Facebook said it would not “offer Libra digital currency in jurisdictions,” where cryptocurrency would not receive approval from regulators
- In China, the authorities decided to release their own national cryptocurrency in response to Facebook plans. It should appear in the coming months
Editor: Jerg Wos