On Sunday
Reuters reported that David Marcus, Facebook’s representative on the Libra Association board, said the group is open-minded about different approaches to the stablecoin. Specifically, they will consider an alternative to the libra currency being backed by a basket of currencies.
“We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form,” Marcus said at a banking seminar. “That is one of the options that should be considered.” However, he wasn’t saying that was the preferred option.
Numerous concerns have been raised about Libra because Facebook’s userbase of 2.4 billion means that it could quickly rival national currencies. Potential problems were highlighted by the
G7 paper on stablecoins released on Friday and at an
IMF debate last week.
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