• Latest
Ex-PBoC Governor Urges China to Join Global Conversation on Libra

Ex-PBoC Governor Urges China to Join Global Conversation on Libra

January 28, 2020
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Ex-PBoC Governor Urges China to Join Global Conversation on Libra

coinnewsdaily by coinnewsdaily
January 28, 2020
in Tech
0
Ex-PBoC Governor Urges China to Join Global Conversation on Libra
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

A former senior official with the People’s Bank of China (PBoC) believes the nation should join a global conversation about regulating stablecoins, with a particular focus on the Libra stablecoin.

Min Zhu, former deputy governor at the PBoC, said China should join other nations in regulating the Facebook-led Libra stablecoin, according to a report by South China Morning Post. 

“I think it’s critically important to join the discussions and take part in coordinated global regulation of Libra,” Zhu said, noting there is still no specific timeline to launching the digital yuan, which is also called Digital Currency Electronic Payment (DCEP), according to the report.

The comment comes as central banks and financial institutions put forward guidance on how to better regulate stablecoins. International organizations such as the G7 working group and the Financial Action Task Force have taken steps to evaluate and regulate Libra’s potential impact on the global financial system. 

China in particular is racing Libra to launch its stablecoin, the digital yuan. Last year David Marcus, who oversees Facebook’s blockchain wallet subsidiary Calibra and is a member of the Libra governing council, warned U.S. legislators that China would win the currency race should Libra be halted.

Facebook CEO Mark Zuckerberg repeated the claim in his testimony before congressional lawmakers.

Meanwhile, officials from the Chinese central bank have repeatedly said the digital yuan is more advanced in several technical aspects than Libra. However, China could lose substantial financial clout at home and abroad if Libra prevails.  

Like many central banks, PBoC fears the rise of Libra could erode its ability to carry out effective monetary policies as the bank would lose its absolute control over demand and supply of the currency market.

China also fears Libra, partly backed by the U.S. dollar, could amplify the currency’s dominance over the international financial system, making it even harder for China to internationalize the yuan. 

The Chinese central bank initially assembled a task force in 2014 to develop its own national digital currency. However, it accelerated the process and released more details about DCEP when Facebook unveiled its plan to launch Libra in June 2019. 

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Tags: Crypto Tech
Share76Tweet47
Previous Post

Volatility, Illiquidity Threaten BSV’s Newfound Position

Next Post

Lawyers Ramp Up Pressure to Exhume Quadriga CEO’s Body

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Blockchain Analysis Ties 5 Bitcoin Addresses to QuadrigaCX Exchange

Lawyers Ramp Up Pressure to Exhume Quadriga CEO's Body

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$21,458.001.51%
  • ethereumEthereum(ETH)$1,232.483.04%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$241.443.13%
  • rippleXRP(XRP)$0.3686201.95%
  • cardanoCardano(ADA)$0.515.42%
  • SolanaSolana(SOL)$41.111.83%
  • dogecoinDogecoin(DOGE)$0.07397811.62%
  • polkadotPolkadot(DOT)$8.274.24%
  • Shiba InuShiba Inu(SHIB)$0.0000125.55%
  • daiDai(DAI)$1.000.02%
  • tronTRON(TRX)$0.0649730.93%
  • leo-tokenLEO Token(LEO)$5.88-0.59%
  • matic-networkPolygon(MATIC)$0.604.58%
  • litecoinLitecoin(LTC)$58.666.37%
  • FTXFTX(FTT)$28.072.29%
  • chainlinkChainlink(LINK)$7.204.04%
  • OKBOKB(OKB)$12.933.06%
  • CronosCronos(CRO)$0.1298874.12%
  • stellarStellar(XLM)$0.1255140.81%
  • cosmosCosmos Hub(ATOM)$8.544.69%
  • algorandAlgorand(ALGO)$0.3496142.96%
  • moneroMonero(XMR)$130.706.46%
  • bitcoin-cashBitcoin Cash(BCH)$116.994.05%
  • ethereum-classicEthereum Classic(ETC)$16.472.51%
  • vechainVeChain(VET)$0.0259814.50%
  • Internet ComputerInternet Computer(ICP)$6.121.76%
  • theta-tokenTheta Network(THETA)$1.454.15%
  • tezosTezos(XTZ)$1.565.11%
  • filecoinFilecoin(FIL)$6.194.68%
  • ElrondElrond(EGLD)$61.10-0.14%
  • bitcoin-cash-svBitcoin SV(BSV)$63.491.18%
  • eosEOS(EOS)$1.023.51%
  • AaveAave(AAVE)$70.120.23%
  • makerMaker(MKR)$1,068.484.99%
  • paxos-standardPax Dollar(USDP)$1.00-0.03%
  • zcashZcash(ZEC)$68.814.38%
  • iotaIOTA(MIOTA)$0.3031512.70%
  • huobi-tokenHuobi(HT)$5.43-1.21%
  • zilliqaZilliqa(ZIL)$0.0486420.67%
  • neoNEO(NEO)$9.924.69%
  • havvenSynthetix Network(SNX)$2.902.91%
  • wavesWaves(WAVES)$6.320.07%
  • basic-attention-tokenBasic Attention(BAT)$0.4186851.52%
  • dashDash(DASH)$52.183.42%
  • PancakeSwapPancakeSwap(CAKE)$3.434.59%
  • KusamaKusama(KSM)$57.223.74%
  • nemNEM(XEM)$0.0437973.01%
  • CompoundCompound(COMP)$54.2510.60%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.133.43%
  • ethlendAave [OLD](LEND)$4.103.48%
  • bitcoin-goldBitcoin Gold(BTG)$17.822.61%
  • omisegoOMG Network(OMG)$2.043.25%
  • golemGolem(GLM)$0.2481431.44%
  • SushiSushi(SUSHI)$1.252.23%
  • yearn-financeyearn.finance(YFI)$6,986.813.70%
  • ontologyOntology(ONT)$0.2466442.60%
  • umaUMA(UMA)$2.855.21%
  • digibyteDigiByte(DGB)$0.0110413.76%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....