The Chinese national cryptocurrency will be similar to the Libra coin from Facebook. Crypto-yuan will help maintain the sovereignty of the country and prepare for "rainy days".
Crypto-yuan and Libra
According to the Hong Kong Economic Journal, Mu Changchun, deputy director of the People’s Bank of China’s payments department, stated that the national cryptocurrency of the PRC will be somewhat similar to the coin of the Libra social network. In general, crypto-yuan should help the country maintain its sovereignty.
"This is to protect our monetary sovereignty and the status of the national currency. We need to develop a plan in advance when there are rainy days ahead," Mu said at a lecture.
Interesting in the section: Actuality and unique of Monero
- In late August, Forbes sources said that the Central Bank of China will issue its own cryptocurrency before November 11 – Bachelor’s Day, during which mass sales take place in the country
- A few days later, the Central Bank of China denied this information, calling it "erroneous speculation"
Editor: Alyona Nabok