A letter sent from Facebook to US senators claims that Libra will be supported at the time of its release also from the Singapore dollar.
The letter sent by Facebook makes an explicit reference to the basket of currencies that will be used as reserve for its stablecoin cited among these: the US dollar, the Japanese Yen, the pound, the euro and even the Singapore dollar, which had never been mentioned within the specifications of the initial currency.
The basket for Libra, the Facebook stablecoin, so it may not be fixed, but the concerns of some senators concern precisely this aspect, because they think that sooner or later the company can thus choose to include the Chinese yuan as well.
Virginia Senator Democrat Mark Warner stated that China is currently encouraging governments to include its currency within their reserves, and for this reason it wanted to ask Facebook to commit itself to excluding it from the possible basket of Libra.
At the moment, in reality, the association of Libra has not included the yuan in its basket, but the addition of the Singapore dollar raises some suspicion.
Based on this decision: any decision to add a new currency to the Libra stablecoin reserves will be taken on the basis of facts and circumstances and of the laws in force at the time of the release of the stablecoin.
This could therefore seem like an invitation to senators, on Facebook's part, to create a special regulation that can indirectly prohibit or directly prevent the inclusion of Chinese coin within the Libra basket.
Inside the Facebook letter continues by stating that: the digital currency Libra will not be offered in any jurisdiction until it has fully answered the expressed regulatory concerns, and consequently will not have received the appropriate approvals.
The current state the dispute between Facebook and the USA is active, for this reason the information even if released by the Libra Association should not be considered definitive.