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Wireless

Facebook says Libra is open to hooking cryptocurrency to national money

Monday 21 October 2019 | 09:16 CET | News
Facebook said that it is open to many alternatives for its Libra currency project, and that one of them could hook the digital currency to national currencies, such as the US dollar, Reuters said, citing statements from David Marcus, head of the project, at a banking seminar. "We could do it differently," he said. "Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc," Marcus told the panel, adding that the project needed to demonstrate a lot of agility.

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Categories: Internet / Mobile & Wireless
Companies: Facebook
Countries: World
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Comments

Libra is a nice name for a currency and can become very useful. However, instead of reinventing the wheel, why not use as universal reference for Libra a common currency universally managed and accepted for decades, the SDR (Special Drawing Rights, ISO 4217 currency code XDR). The value of the SDR/XDR is determined daily by the value of a “basket” of several currencies important to the world’s trading and financial systems, defined worldwide by IMF, providing a consistent balance and stability. The value of 1 SDR is currently around 1.4 USD. SDR/XDR is a good and trustful foundation for enabling national and international money and payment worldwide inter-working. SDR/XDR is used also in telecommunications for roaming and interconnect accounting (e.g. GSMA TD.57 TAP). If Facebook Libra rate value would adopt exactly the value of the IMF SDR/XDR this would provide naturally trust, simplicity, openness and universal acceptance, enabling also enhanced interoperability with other initiatives in the several world continents. Check SDR valuation in: https://www.imf.org/external/np/fin/data/rms_sdrv.aspx Libra based in SDR would be well positioned as a currency reference for the strategic evolution and innovation towards an inclusive progress for mobile money and payments worldwide. All the best !
José Neto @ 21/10/2019 - 11:13


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