FILE PHOTO: a U.S. one hundred dollar notes are seen in this picture illustration in Seoul, south korea-February 7, 2011. (REUTERS photo/Lee Jae-Won/Photo File
BERLIN (Reuters) – The U.S. dollar will have a maximum of 50% of the basket of currencies, a back-Facebook’s planned digital currency Scale, to the euro, the yen, the pound sterling and the us dollar from Singapore and the rest Of the Mirror has reported, with reference to the letter on Facebook.
China’s yuan currency will not be included, you might be able to help smooth the planned cryptocurrency’s path in the United States, where officials have raised concerns over the yuan’s growing status as a reserve currency at a time when relations between the two economic superpowers are strained.
In a letter written in response to a request from the German government, Lead to The Buildings, which Facebook said the us dollar would be a maximum of 50% of the screen, followed by the euro, by about 18%, the yen by 14%, the British pound sterling, 11%, and the Singapore dollar by 7%, according to the German news magazine “Der Spiegel”.
Calls by Reuters to The Buildings, the lawmaker who received the letter were not immediately returned.
The Swiss Scale Association, a non-profit organization, consisting of Facebook, and the 27 other members who are planning, launching, and monitoring of the currency, declined to comment on the specific breakdown of the Balance of Reserve”.
But, it is said, that the reserve would be expected to have a pool of cash and short-term government securities, which are denominated in united states dollar, euro, yen, pound sterling and Singapore dollars.
Facebook is scheduled to Scale, it is the most well-known of the stablecoins, cryptocurrencies are covered by the assets, as well as the traditional cash deposit for short-term government securities, gold or platinum. They have the potential to be less volatile and more mainstream than the existing cryptocurrencies, such as bitcoin.
Regulatory authorities around the world have reacted with extreme wariness and the suggestion, by central bankers, warning it could have a destabilizing effect on the global financial system.
Reporting by Thomas Escritt; Additional reporting by Brenna Hughes Neghaiwi in Zurich; Editing by Pravin Char