- Facebook does not want to create fresh money supplies and definitely does not want to be another BlackRock.
- Libra currency basket will not include the Chinese yuan.
The head of the Libra Association predicts that the proposed Facebook cryptocurrency, Libra will launch in the second half of 2020. Bertrand Perez, the current director of the Libra association was speaking in an interview with a French news magazine, Les Echos on Thursday.
His optimistic comments came on the same day the French finance minister vowed not to allow Libra to operate within its borders. As reported by FXStreet’s Tanya, Bruno Le Maire seem to be rallying the European Union against Facebook’s ambitious project.
However, Perez explained that Facebook has no intention to create new money supplies using the token.
“We don’t want to become a new BlackRock.” He continued, “that’s why these concerns about the destabilizing effect our reserve currency could have on central banks’ fiat currencies — which figure in our basket — seem unfounded to us.”
He also said that while Libra will be tied to the major world currencies, the Chinese yuan is not going to be one of them. Perez believes that the regulatory hurdles are likely to have been cleared before the launch. “The year we’ve taken prior to release will allow us to iron out all the problems,” Perez affirmed.
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