USD leads Fiat backing for Libra with Chinese Yuan excluded
The “Libra” plot continues to thicken. The team has disclosed the list of fiat currencies that will back the cryptocurrency this week. According to the social media giant, the list includes the strongest fiat currencies in the world such as the Dollar, the Euro, the British Pound and the Singapore Dollar.
Why is this revelation so important? Mainly for two reasons, the first is that investors needed a trustful reserve to be settled, the second reason is directly related to the petition made by Fabio de Masi, a German legislator. The former member of the European Parliament requested the full basket of currencies several weeks ago.
50% of Libra’s reserves are US dollars, 18% Euros, 14% Japanese Yen, 11% Pound Sterling and 7% Singapore Dollar. In case you haven't noticed, the currency of the second major economy in the world, the Chinese Yuan, was not included.
There have been major controversies regarding the release. Not only the USD is leading the group of fiat currencies backing Libra, but the Chinese Yuan has been completely kicked out of the club. Even though Zuckerberg has stated before that all the decisions come from the Libra Association itself and its members (Uber, Paypal, Visa, and MasterCard, etc), it seems like a political element has come into play.
Mark sent a letter to the US senate in the past addressing the influence of Chinese currency Yuan on the crypto market, that's maybe the reason why Libra is not backed by the Yuan. The question now remains on whether the greenback appreciation/depreciation may affect the digital coin or not. It is pretty interesting to see that Libra’s will be linked to the Dollar in such a direct way.
All in all, the release is not vanishing officials’ concern regarding the project itself. Facebook will need to work harder to ensure adoption and acceptance.
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