Dollar, euro, yen and pound for the value of Libra

Dollar, euro, yen and pound for the value of Libra

When Mark Zuckerberg and partners launched the project Libra, wallet based cryptocurrency Calibra and managed by a consortium composed of dozens of private companies, they immediately specified that it would be a stablecoin, that is, a virtual currency whose value would not have been entrusted to speculation but to real economic assets.

To date, however, the project managers had not clarified what the assets intended to make up the reserve with which to guarantee the stability of Libra would be, a mystery that would have been clarified recently by the German periodical Der Spiegel according to whose rumors the virtual currency of Facebook should rely on a basket made up of other currencies that are legal tender.

To be precise, the Libra Reserve it would be financed 50% with the US dollar, 18% with the euro, 14% yen, 11% with the British pound and the remaining 7% with the Singapore dollar. It is however good to underline that in this regard no official confirmation from the spokesmen of the Libra Association.

The choice of the dollar as a privileged asset would not seem to be casual, in fact we are talking about the reference currency for financial markets linked to one of the most structured economies of the planet. In the same way, the absence of the Chinese currency is not surprising, the yuan, particularly exposed to fluctuations due to the current trade war with the United States.

For the moment the launch of Libra still remains in doubt, the monetary authorities worried about negative repercussions for the monetary stability of their country are numerous, as well as the suspicions that the project could be exploited in illegal activities such as those linked to it would still be widespread. to money laundering.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *