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Pegging Libra to just the $ could soothe regulators, a16z says

What if Libra wasn’t backed by a basket of international currencies, but only the dollar?
Regulatory pushback to the Facebook-led cryptocurrency Libra has caused major partners including Visa, MasterCard, PayPal, and eBay to pull out of the Libra Association. But one of the remaining members has floated a major change to the stablecoin that could calm concerns that Libra could hurt the world economy by challenging national currencies for supremacy.
Last week, venture partner Chris Dixon of Andreessen Horowitz’s a16z Crypto, one of the remaining members of the governing Libra Association, spoke  on stage at TechCrunch Disrupt. He said he still believed Libra will launch, but it might require some changes to get the green light from governments. When I asked what changes might assuage regulators, he told me “For example, denominating the currency in US dollars. I’m giving a hypothetical example. My understanding is the intention was never to create a new currency. It’s much focused on the payment rails.”
Dixon meant that Libra could be pegged directly to the US dollar instead of to a basket of international currencies as is currently the plan, a16z Crypto clarified when asked.


Chris Dixon (a16z) says that Libra could be denominated in USD to soothe regulators #TCDisrupt pic.twitter.com/BvQr2N0W0h
— TechCrunch (@TechCrunch) October 3, 2019
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