cryptonary added 1 medium
2019-09-24T16:35:08+02:00
Facebook’s Libra team have disclosed the list of Fiat currencies that will back their cryptocurrency. According to the social media giant, the list comprises of the world’s strongest currencies including the US Dollar, Euro, British Pound and the Singapore Dollar. - - Why is this update so important? Mainly for two reasons, the first is that investors needed a trustful reserve to be settled. The second reason is directly related to the petition made by Fabio de Masi, a German legislator. The former member of the European Parliament requested the full basket of currencies several weeks ago. - - 50% of Libra’s reserves are US dollars, 18% Euro, 14% Japanese Yen, 11% Pound Sterling and 7% Singapore Dollar. This leaves a very noticeable exclusion - the currency of the world’s secondary largest economy - China’s Yuan. - - - Although Zuckerberg has stated before that all the decisions have come directly from the Libra Association and its members (Uber, Paypal, Visa, and MasterCard, etc), it seems that a political element has come into play. - - Mark Zuckerberg recently wrote to the US senate addressing the influence of Chinese currency Yuan on the crypto market. People will point to this as a possible reason why the Yuan was not included in the Libra basket. The question now remains whether the Greenback’s appreciation/depreciation may affect the digital coin. #Facebook #Libra #Crypto #Cryptocurrency #Yuan #USDollar #Fiat #MarkZuckerberg
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