The initial basket of currencies backing cryptocurrency Libra will likely include the U.S. dollar, euro, yen, British pound and Singapore dollar, according to a Facebook statement.
The yuan was notably not on the list which Virginia Senator Mark Warner previously asked Facebook to commit to excluding, highlighting worries about China attempting to achieve currency stability through inclusion.
Facebook noted that the Libra Association, and not itself alone, would make the ultimate decision on the matter, according to a «Bloomberg» report. In addition to Facebook, the association currently boasts members such as MasterCard, PayPal and eBay.
«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 said.
U.S. or Not
Libra has faced ongoing pushback from U.S. lawmaker and regulators, citing Facebook’s privacy and data security track records as concerns. But Facebook insisted that it would launch the cryptocurrency outside the U.S. regardless of responses from local authorities.
«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,» the firm added.
