Photograph by Jason Alden/Bloomberg
Facebook has shared what global currencies will likely help determine the value of its Libra digital currency, but a notable one is missing: the Chinese yuan.
In a letter dated Sept. 3 to the U.S. Senate Banking Committee, the social media company said it plans to base the value of its Libra currency on the U.S. dollar, the U.K. pound, the euro, the yen, and Singapore dollar.
Facebook (ticker: FB) plans for Libra to be a so-called stablecoin, whose value is pegged at a specific price or narrow range, rather than a free-floating coin like Bitcoin, which can—and does—fluctuate wildly. Facebook has previously said Libra will be pegged to a basket of global currencies and backed by assets denominated in those currencies.
The letter, which was first reported by Bloomberg, responded to senators’ questions after testimony from Facebook executive David Marcus in July. Facebook didn’t immediately respond to a request for comment.
Senators, particularly Sen. Mark Warner (D-Va.), have expressed concern that the Chinese currency would be included in that basket and that the Chinese government in turn would try to exert influence over the currency project. The company’s letter appears to be an attempt to assuage at least some of those concerns.
Facebook’s push to establish a digital currency through the Libra Association, the Swiss nonprofit organization that would govern the currency if it becomes a reality, has seen significant bipartisan pushback from U.S. politicians and regulators, including Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell.
Facebook has promised it won’t move forward with Libra until U.S. regulators’ concerns—which include compliance with money laundering and antiterrorist financing measures—are addressed. It is unclear exactly how long that will take, or if it even can be achieved. In its letter to the Banking Committee, Facebook said the Libra Association “will not offer the Libra digital currency in any jurisdiction until it has fully addressed regulatory concerns and received appropriate approvals in that jurisdiction.”
“Facebook appears to be confirming that they would launch outside the U.S. even without approval from U.S. regulators,” a spokeswoman for Warner said of the letter, calling that possibility “particularly [troubling].”
Write to Ben Walsh at ben.walsh@barrons.com
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