Blockchain

China’s Cryptocurrency: A Response to Facebook’s Libra Coin?

China’s Cryptocurrency: A Response to Facebook’s Libra Coin?China’s Cryptocurrency: A Response to Facebook’s Libra Coin?

In response to Facebook’s new cryptocurrency, Libra, China’s central bank is reportedly developing its own cryptocurrency.

According to the South China Morning Post, Libra poses a threat to the country’s financial system, and this has spurred on the development of the bank’s own digital coin.

China’s Cryptocurrency

At an event at Peking University’s Institute of Digital Finance yesterday, the director of the People’s Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it will likely have a huge influence on “monetary policy, financial stability, and the international monetary system.”

In other words, it could greatly affect the value of China’s fiat currency.

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