Report: Libra Stablecoin Tied to Major Currencies, Maybe Not Yuan

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Facebook has reportedly announced the major national currencies with which it plans to set the value of its forthcoming Libra stablecoin. Social media giant Facebook, which is currently trying to get regulatory approval for its Libra stablecoin project, reportedly shared details regarding the project’s proposed backing reserves.According to a report by Bloomberg on Sept. 9, Facebook told United States senators about the backing reserves for the stablecoin — a type of cryptocurrency valued by a reserve currency, commodity or algorithm. Libra is backed by major national currenciesLibra will reportedly be backed by several national currencies. These include the U.S. dollar, euro,…
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Report: Libra Stablecoin Tied to Major Currencies, Maybe Not Yuan

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