Report: Libra Stablecoin Tied to Major Currencies, Maybe Not Yuan
Aaron Wood's original article for cointelegraph.com reduced by 48%
Social media giant Facebook, which is currently trying to get regulatory approval for its Libra stablecoin project, reportedly shared details regarding the project's proposed backing reserves. According to a report by Bloomberg on Sept. 9, Facebook told United States senators about the backing reserves for the stablecoin - a type of cryptocurrency valued by a reserve currency, commodity or algorithm.
Libra is backed by major national currenciesLibra will reportedly be backed by several national currencies. In its turn, Facebook purportedly responded by saying that any final determination regarding the backing currencies is the purview of the Libra Association - a consortium of various companies and interested parties that will oversee the Libra's eventual development. "We understand that the Libra Association will not offer the Libra digital currency in any jurisdiction until it has fully addressed regulatory concerns and received appropriate approvals in that jurisdiction." China's national digital currency projectWhile the above statement leaves open the possibility of Facebook launching Libra in other countries, regardless of American regulatory concerns, it would appear unlikely to catch on in China.
Yuan-backed stablecoinEarlier today, stablecoin firm Tether, the firm behind the USDT dollar-backed stablecoin, announced that it is releasing a stablecoin backed by offshore yuan.
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