Libra Supported by Singapore Dollar
September 20, 2019
Libra Supported by Singapore Dollar
September 20, 2019

Since Facebook first announced its plan to launch its Libra cryptocurrency, the regulators have expressed concerns over its potential impact on the financial system.

It has been reported that Facebook sent a letter to U.S. senators to address their concerns after Democratic Senator, Mark Warner pleaded that the social media giant leaves the Chinese yuan out of the sovereign currencies supporting Libra.

It has also been reported that Facebook clarified that it is not the body deciding which currencies will be supporting Libra.

Facebook said in its letter, noting that Libra Association is going to be the agency responsible for making the decision:

“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

Facebook also listed currencies that 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. 

Earlier, David Marcus, the blockchain lead of Facebook, declared that half of the assets supporting Libra will be U.S. dollars, with the remainder in other sovereign currencies as well as low-risk assets.

ALSO READ :  WEF: Facebook’s Libra Pushes The World To Start Reconsidering US Dollar As Anchor Currency

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


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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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