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Handful of Currencies in Contention to Back the Libra Crypto

As economic and political tension between the U.S. and China has recently been rising, the association backing Facebook’s planned Libra stablecoin cryptocurrency finds itself navigating through the superpowers’ high-stakes drama.

This week, Bloomberg reported that Facebook delivered a series of written responses Senator Mark Warner (D-VA), the current Vice Chairman of the U.S. Senate Intel Committee, regarding the Libra — a proposed “basketcoin” set to be underpinned by a series of major fiat currencies.

Sen. Warner had reportedly asked Facebook to provide answers on a series of concerns, not least among them being whether the Chinese yuan was going to be included in Libra’s currency basket. Notably, a trade war has recently heated up between the U.S. and China, with the…

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