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.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: November fails to impress, what about an action-filled December 2019?

Bitcoin is staring into a bottomless pit mid though the month of November. The past two years have seen Bitcoin start to stir movement upwards in November.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from early losses

The cryptocurrency market is navigating a sea of red on Friday. Bitcoin and all major altcoins are nursing losses both on a day-to-day basis and since the beginning of the day.

More Cryptocurrencies News

XRP/USD on the verge of a falling wedge pattern breakout

Ripple is trading below a key support week-long support at $0.27. The selling pressure on Thursday forced the price lower refreshing the levels towards $0.26. XRP commenced the trading on Friday at $0.2679 and touched a high of $0.2690.

More Ripple News

Litecoin price update: LTC/USD takes back $60 support, is $65 hurdle breakable?

Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast

BTC

ETH

XRP