Briefing

Facebook executive says Libra won’t replace national currencies

David Marcus, head of Facebook’s Calibra digital currency division, tweeted that the coin will be backed by banknotes, so “for any unit of Libra to exist, there must be the equivalent value in its reserve.” Earlier on Monday, he appeared before officials from 26 major central banks to answer questions about the goals, design and target user base for Libra, as part of a conference on stablecoins organized by the Bank for International Settlements. (The Logic, Financial Times)

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