Facebook Libra cryptocurrency will not be supported by RMB

According to data from Bloomberg, the stablecoin from Facebook will be pegged to the US dollar, euro, Japanese yen, British pound, and Singapore dollar, but the Chinese yuan was not included in the asset basket.

This Facebook decision is related to the statement made by American politician Mark Warner that China could persuade the Libra Association to add the national currency to its stablecoin asset basket. Warner noted that the PRC was trying to put pressure on the authorities of states around the world in terms of adding fiat currency of the PRC to their reserves. For this reason, the American politician turned to Facebook with a request not to provide support to the Celestial Empire.

Meanwhile, Facebook representatives noted that any decision related to adding a certain currency to the basket will be made taking into account all relevant facts and events, in particular, we are talking about direct or implicit bans and restrictive measures of regulators. Libra Association does not intend to offer stablecoins in any jurisdiction until all regulators' doubts have been completely dispelled – activities in a particular jurisdiction will develop only with permission.

Recall that recently, representatives of the Central Bank of China reported on the development of stablecoin, which, according to their data, will be similar to Libra.