Facebook Reveals Libra Crypto’s Currency Basket Breakdown
Facebook has reportedly revealed the percentage breakdown of a basket of global currencies that will underpin its Libra cryptocurrency.
While it’s already known that 50 percent of the basket will be on the U.S. dollar, the German newspaper Der Spiegel said in a report on Friday that the remaining portion will consist of the euro, the yen, the British pound and the Singapore dollar, with 18 percent, 14 percent, 11 percent, and seven percent, respectively.
The basket will not include the Chinese yuan, the legal tender of the world’s second-largest economy. A report from Reuters suggested excluding the Chinese yuan could help with Libra’s plan in the U.S. given the concerns over the tense trade relationship between the two countries.