• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About us
  • News
  • Guides
  • Events
  • Privacy Policy
  • Newsletter
  • Advertise
  • Contact us

The Daily Coins

Cryptocurrency updates with expert analyses of the market.

Facebook Reveals Percentage Breakdown Of Basket Of Global Currencies Backing Libra

September 27, 2019 By Gustavo Fonseca

Facebook has apparently revealed information on the cryptocurrency – Libra’s, basket breakdown.

 

It is common knowledge that about half of the basket will consist of the US dollar. As per German news daily, Der Spiegel’s report on Friday, the rest will consist of the yen, the British pound, the Singapore dollar and the euro. The stakes will be 14 percent, 11 percent, 7 percent, and 18 percent respectively.

 

The basket of global cryptocurrencies will not include the Yuan, the official tender of the world’s second-largest economy – China. Reuters brought out a report discussing how this might actually be beneficial for Libra in the US, given the fraught relations between the two global superpowers.

 

Facebook reportedly charted the percentage breakdown in a letter to German legislator and former member of European Parliament, Fabio de Masi, as per the report published in Der Spiegel. The newspaper described Masi as a left-winger who believes Libra to be a threat to democracy, financial stability, and freedom.

 

The German is particularly concerned that the cryptocurrency won’t be supported by deposit insurance due to the possibility that corporate sponsors of the coin could tap into the information harvested from its use.

 

The stablecoin has been designed to anchor to a basket of currencies which will facilitate global payments. Libra is governed by a consortium headed by Facebook, which includes Visa, Uber, and PayPal among its members. It has also been the topic of controversy ever since its launch announcement in June.

 

It has been on the receiving end of critique across the world. While lawmakers and regulatory heads have raised concerns around it, the French finance minister has said that it could face a ban in their country. Even a member of the European Central Bank has issued a warning against the threat the crypto-asset holds in a recent report.

 

The risks commonly expressed, have to do with the probable loss of economic sovereignty and control over financial policy. China happens to be in the process of developing its own cryptocurrency to rival Libra.

Gustavo Fonseca

Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.

Share this...
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin

Filed Under: News

Featured story

How To Build A Bitcoin ATM

How To Build A Bitcoin ATM

An anonymous Bitcoiner, using the Twitter ID @21isenough, has become the talk of the crypto universe with his Bitcoin ATM that he presented at the Baltic Honeybadger Bitcoin Conference the previous … [Read More...] about How To Build A Bitcoin ATM

Cybersecurity Leader Announces The Launch Of A Decentralized Privacy Focused Crypto Exchange

Cybersecurity Leader Announces The Launch Of A Decentralized Privacy Focused Crypto Exchange

John McAfee has announced the beta launch of McAfee DEX, which is slated to be a “no restrictions” crypto exchange. He must have felt tired of all of the rules and regulations that govern the crypto … [Read More...] about Cybersecurity Leader Announces The Launch Of A Decentralized Privacy Focused Crypto Exchange

Newly Launched Crypto Advocacy Group Criticizes Proposed Crypto Law in California

Newly Launched Crypto Advocacy Group Criticizes Proposed Crypto Law in California

The Aquarian Advocacy Group (TAAG), which has only just launched, has decided to campaign against the proposed Uniform Regulation of Virtual Currency Businesses Act, currently being debated upon by … [Read More...] about Newly Launched Crypto Advocacy Group Criticizes Proposed Crypto Law in California

Ethereum Witnesses Over 5% Market Surge; Analysts Hope for it To Move to the $220 Region

Ethereum Witnesses Over 5% Market Surge; Analysts Hope for it To Move to the $220 Region

Ethereum may have been subject to some selling pressure yesterday when it found itself in the $160 region, but it’s been on an upward rise today and is currently touching $180. The aggregated … [Read More...] about Ethereum Witnesses Over 5% Market Surge; Analysts Hope for it To Move to the $220 Region

coinbase

Coinbase Founds Crypto Rating Council to Help Crypto Companies Comply with Federal Laws

Cryptocurrency industry leaders are joining hands to help other firms functioning in the crypto space be on the right side of the law, by following securities rules and regulations as stipulated by … [Read More...] about Coinbase Founds Crypto Rating Council to Help Crypto Companies Comply with Federal Laws

Primary Sidebar

most read

Bakkt Launching Bitcoin Futures

Bakkt Launching Bitcoin Futures Today After 13 Long Months Of Uncertainty

The Intercontinental Exchange backed bitcoin warehouse and futures contract facilitator, Bakkt is … [Read More...] about Bakkt Launching Bitcoin Futures Today After 13 Long Months Of Uncertainty

Pay With Cryptocurrency

All The Retail Outlets In The World Where You Can Pay With Cryptocurrency

When Bitcoin launched, crypto enthusiasts had very few places to spend the cryptocurrency. Now, … [Read More...] about All The Retail Outlets In The World Where You Can Pay With Cryptocurrency

Cryptocurrency Updates For September

Cryptocurrency Updates For September

Cryptocurrency price went up by 10% over the last seven days, exhibiting bullish action at last. It … [Read More...] about Cryptocurrency Updates For September

Binance’s Charity

Binance’s Charity Wing Begins Donation Campaign In Support Of Hurricane Dorian Victims

Binance Charity is the crypto exchange giant, Binance’s philanthropic subset. On September 1, it … [Read More...] about Binance’s Charity Wing Begins Donation Campaign In Support Of Hurricane Dorian Victims

Twitch To Support Crypto-Based Payments While Goldman Can Launch New Digital Currency

Twitch To Support Crypto-Based Payments While Goldman Can Launch New Digital Currency

The popularity of cryptocurrencies has not diminished, and there is news about another big company … [Read More...] about Twitch To Support Crypto-Based Payments While Goldman Can Launch New Digital Currency

Mastercard, PayPal, and Visa may Higher Regulatory Risk for Advocating Facebook Crypto Plan

Mastercard, PayPal, and Visa may Higher Regulatory Risk for Advocating Facebook Crypto Plan

There is a high possibility that companies like PayPal, Mastercard, and Visa face the risk of more … [Read More...] about Mastercard, PayPal, and Visa may Higher Regulatory Risk for Advocating Facebook Crypto Plan

Chicago-based Exchange ErisX Gets License for Cryptocurrency Futures

Chicago-based Exchange ErisX Gets License for Cryptocurrency Futures

ErisX, an America-based crypto exchange, received a license for DCO or derivatives clearing … [Read More...] about Chicago-based Exchange ErisX Gets License for Cryptocurrency Futures

Events

Blockchainge DC 2019

Blockchain Connect Conference

Israel Bitcoin Summit

Welcome to the London CryptoCurrency Show

Latest agenda for FinTech World Forum 2018 being held in London on Nov 21-22, 2018

The world’s largest blockchain conference and exhibition

Footer

Support

Help Centre

About Us

Legal & Privacy

Privacy

Newsletter

Subscribe

News feed

RSS

Services

Advertise with us

Be Social

Twitter

Facebook

Medium

Reddit

Copyright © 2022 · Log in

  • bitcoinBitcoin(BTC)€19,061.17
  • ethereumEthereum(ETH)€1,514.16
  • rippleXRP(XRP)€0.303382
  • ethereum-classicEthereum Classic(ETC)€31.62
  • litecoinLitecoin(LTC)€49.26
  • moneroMonero(XMR)€130.64
  • bitcoin-cashBitcoin Cash(BCH)€104.88
  • iotaIOTA(MIOTA)€0.257398
  • bitcoin-goldBitcoin Gold(BTG)€22.84
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok