Facebook Cryptocurrency will be Half Provided with Dollar
Cryptocurrency Libra will be 50% backed by the dollar. The rest will be supported by the euro (18%), the Japanese yen (14%), the British pound (11%) and the Singapore dollar (7%). This was announced in a letter from Facebook to German lawmaker and former member of the European Parliament Fabio De Masi. There is no Chinese yuan on the list - this is probably a concession to the US senators, who opposed pegging Libra to Chinese currency. In general, not only the USA but also France, Germany, and China are concerned about the Libra launch. The People's Bank of China suspects that Libra will quickly gain popularity and begin to seriously affect financial stability and the international monetary system. However, Facebook does not abandon its plans for the next year to launch its stable coin (a cryptocurrency tied to stocks of regular currencies) and a digital wallet Calibra created specifically for it. It will be possible to pay with cryptocurrency directly through Facebook Messenger, WhatsApp or special applications on Android and iOS. "We will use the same verification methods and anti-fraud methods as banks and payment cards, and also, we will have automated systems that can detect and prevent fraudulent activity" - Facebook says. The non-profit organization Libra Association is registered in Geneva. It includes more than 20 companies besides Facebook.