China Takes Serious Look At Libra Coin
China Takes Serious Look At Libra Coin by Rory for The Daily Coin
In an article penned By Chen Jia for China Daily it seems the Chinese government is concerned faKebook may get the jump on their plans to roll out a cryptocurrency. If you think for a minute that China isn’t working on cryptocurrency you’re naive. China has already moved most of its citizens off paper currency and forced them onto digital platforms for most all transactions. If you think it’s bad here, digital currency is far more prolific in China.
So, the announcement of Libra by Zuckerberg and company is of great concern to the communist Chinese government. It seems it is forcing their hand.
Policymakers, researchers keeping close track of development, potential impact of Libra
The central bank is accelerating its efforts to introduce a government-backed digital currency, aiming at securing a cutting-edge position in the global cryptocurrency race, a senior official said on Monday.
The People’s Bank of China, the central bank, is organizing market-oriented institutions to jointly research and develop a central bank digital currency and the program has been approved by the State Council, the country’s Cabinet, Wang Xin, director of the PBOC Research Bureau, said at a seminar at Peking University.
The central bank has been watching the emergence of a new global digital currency called Libra, introduced by Facebook, the world’s biggest social network company, on June 18.
“We will keep a close eye on the new global digital currency,” said Wang, making the latest comment on Libra from the country’s monetary authority.
Unlike other cryptocurrencies, such as Bitcoin, Libra is described in a Facebook white paper as a currency “fully backed by a reserve of real assets”. A basket of bank deposits and short-term government securities will be held in a Libra reserve to guarantee its value.
Twenty-seven companies and entities have joined the Libra founder group, including the world’s traditional payment giants Visa and Mastercard.
They are pushing people to use their pocket tracking device, I mean their phone, for everything including the reading of this article. This was sent to me by a friend that lives in Shenzhen and when I opened the article it wanted to “Read on App”.