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.
Challenge to the Libra cryptocurrency
The recent emergence of cryptocurrency from Facebook has attracted the attention of many, from crypto-enthusiasts to national governments, which have been quite concerned for various reasons.
The Central Bank of the Republic of China has taken a troubled side. Facebook's plans to create its own cryptocurrency forced the Central Bank to intensify research on creating its own digital currency, as Libra could potentially become a problem for Chinese cross-border payments, monetary policy and financial sovereignty, said the representative of the People’s Bank of China.
Asking a question to the developers of Libra, Wang Xin, director of the Central Bank of the Republic of China, asked:
“If Libra is widely used for payments, in particular, cross-border payments, will it be able to function as a currency and, accordingly, will have a big impact on monetary policy, financial stability and the international monetary system?”
According to Xin, the bank currently pays “great attention” to Libra and their continuous development, adding: “China had a good start in a cryptosystem, but now we need to work a lot to consolidate and maintain leadership”.
The plans of the Central Bank of the Republic of China to exceed the Libra cryptocurrency, releasing its own. Recall, on July 2, the Nobel laureate and world-famous programmer, Joseph Stiglitz, called the Libra cryptocurrency payment project "not worthy of trust". The American also said that all those who trust the cryptocurrency from Facebook are “fools”.
About the plans of China to develop its own digital currency, watch on cryptobit.media.
Editor: Yuliya Soroka