Facebook announce more details about Libra

Facebook have told U.S. senators that the initial basket of currencies that will back its Libra cryptocurrency are likely to include the U.S. dollar (USD), euro (EUR), Yen (JPY), British pound (GBP) and Singapore dollar (SGD).

Virginia Democratic Senator Mark Warner was said to be concerned  that China may push the Libra Association to include the yuan in the so-called stable coin. China has encouraged governments to include its currency in their reserve holdings, Warner said, asking Facebook to commit to excluding it from the Libra basket according to reports from Bloomberg.

Facebook commented “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,” .

“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,”

So there you have it the basket of currencies may exclude the CNY or CNH. There are still some other hurdles for the Libra association to overcome and that includes satisfying US and Swiss regulators with the extra requested documents.