China preparing to launch crypto response to Facebook's Libra

European Central Bank Exec Calls for Fast Regulatory Action Regarding Libra

China is well aware of the fact that if Facebook's Libra is a success, the U.S. government will gain supremacy in the digital currencies world, besides presently dominating the traditional financial markets via the dollar.

Mu said the central bank's research team tested Libra's code and found it's "still in an initial stage and the quality of the code isn't stable".

He said that if Libra can be successfully launched, it may challenge the existing United States dollar-centered worldwide monetary system, a possibility that must be closely monitored.

According to Xin The bank is now paying "high attention" to Libra and its ongoing development, adding "We had an early start ... but lots of work is needed to consolidate our lead".

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The People's Bank of China is stepping up its research to develop its own digital currency to counteract Libra. The government is now drafting the "Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019" to prohibit mining, holding, buying, or selling cryptocurrencies in the country. This is supported by Mu Changchun, deputy director of the payment department of the central bank of China. Wang's discussion of the matter indicates it might also be used as a reference for bank interest rates on deposits. They could disrupt monetary policy and entail currency risks in economies with a volatile local currency.

However, the tough scenario in the nation regarding cryptocurrencies means Facebook's Libra project will have to eye the market from outside for now. But "everything is just under discussion", the PBOC's Wang told China Daily.

According to the South China Morning Post on July 8th, the Central Bank of the Republic of China plans to release the official authorized cryptocurrency in response to the Facebook invasion of the industry.

Li Zhenhua, executive director of the Ant Financial Research Institute, part of the Alibaba Group, said the market is anxious about whether Libra will develop into a type of credit money.

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