Facebook Libra cryptocurrency will be backed by real money

The Libra cryptocurrency will be backed by real money, Facebook representatives said. Information about this was published by Der Spiegel with reference to a letter from the company.

Representatives of Facebook revealed details of in what proportions Libra will be backed by real currencies. Exactly 50% of them will be US dollars, 18% – euros, 14% – Japanese yens, 11% – British pounds. Another 7% of Libra will be secured by the Singapore dollar.

Experts drew attention to the fact that there is no Chinese Yuan among the Libra backed currencies. In their opinion, this can positively affect the attitude of US senators to the cryptocurrency. Previously, they feared that China would influence the US financial climate through electronic fraud.

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Backing Libra with real money, including dollars and euros, will make it much more stable than Bitcoin and other popular cryptocurrencies. In this case, the governments of many European countries have expressed concern that Libra will be able to undermine their own financial systems. In particular, France wants to ban Facebook’s cryptocurrency from Europe.

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