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Facebook Looks to Tie Libra to the US Dollar and Other National Currencies

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Facebook revealed more details about the expected launch of its Libra cryptocurrency. According to recent statements before US senators, the gigantic social network wants to link its digital currency with some of the most important national currencies in the world, including the US dollar, euro, yen and British pound.

The launch of Libra, along with its Calibra digital wallet, is planned for next year. However, this is conditioned to the regulatory problems of Libra, which are still in the process of resolution.

At the moment, Facebook is presenting its plans to lawmakers in the United States, thereby seeking to calm the existing concerns about Libra and the possible pressures of the Chinese government towards the company to include the Yuan within its system.

Recently Mark Warner, Virginia’s Democratic senator, urged the Libra Association, Facebook’s arm responsible for the launch, not to include the yuan. In his opinion, China is looking for ways to stabilize its own currency, and could use Libra to achieve this end.

In this regard, Facebook wrote:

“Any decision to add a new currency to the Libra Reserve will be made based on all the facts and circumstances at that time, including direct or indirect regulatory restrictions.”

Facebook also noted that would seek to comply with regulatory requirements in the United States. However, a possible release of Libra in other countries is not ruled out, despite the concerns that this could generate.

Source Link: https://www.techradar.com/news/facebook-wants-to-tie-libra-cryptocurrency-to-the-dollar

About the author

Jhon Fernando Maldonado

Jhon Fernando Maldonado

Internet marketing and cripto currency journalist / writer. He has a degree in Linguistics from Universidad de Los Andes, in Venezuela. Passionate about digital marketing, with knowledge in topics related to technology and web positioning.

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