Temasek Singapore Joins the Libra Facebook Project


Staff member
The cryptocurrency project or Facebook digital currency named Libra has the support of Singapore-based investment company Temasek Holding. Temasek, together with the Paradigm and Slow Ventures cryptocurrency investors, joined the Libra Association, a non-profit organization that will manage Libra. To join this group, the company must deposit US $ 10 million. Facebook introduced Libra in the middle of last year. His vision, Libra will become an alternative digital payment tool globally. It looks like Bitcoin but is supported by the world's major currencies and has basic assets in the form of government bonds.
The plan is for Libra to be launched in the second quarter of 2020 but the launch of this digital money has been rejected by world regulators. Because Libra is considered to have systemic risks that could endanger the financial sector because it is not monitored by the central bank of any country.

The systemic risk can be seen from the number of Facebook users who are already above 2 billion targeted by Libra users.

As a result of this rejection a number of companies chose to withdraw from this project on the grounds that this rejection did not affect the business. Some who retreat are Visa, Mastercard, and Paypal.

Temasek is Singapore's state-owned investment institution that manages a portfolio of SG $ 313 billion, equivalent to US $ 219 billion.
"Our participation in the Libra Association will enable us to contribute to a cost-efficient and effective global retail payment network," said Chia Song Hwee, vice CEO at Temasek