• Latest
Facebook Libra Threat Could Spur Work on China’s National Digital Currency: PBoC Official

Facebook Libra Threat Could Spur Work on China’s National Digital Currency: PBoC Official

July 8, 2019
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 Business

Facebook Libra Threat Could Spur Work on China’s National Digital Currency: PBoC Official

coinnewsdaily by coinnewsdaily
July 8, 2019
in Business
0
Facebook Libra Threat Could Spur Work on China’s National Digital Currency: PBoC Official
190
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

With Facebook’s Libra cryptocurrency potentially posing a threat to traditional money on various fronts, China’s central bank could hasten development of its own digital cash, according to a People’s Bank of China (PBoC) official.

Speaking at an event at Peking University’s Institute of Digital Finance earlier on Monday, Wang Xin, head of the research bureau at the PBoC, said if Libra becomes widely used for international payments and effectively acts like money, “would it … accordingly have a large influence on monetary policy, financial stability and the international monetary system?”

As reported by the South China Morning Post, this risk means that the PBoC is looking at the situation with “high attention,” and could ramp up development of its own digital currency, which has been ongoing for some years.

“We had an early start … but lots of work is needed to consolidate our lead,” Wang said.

Facebook’s Libra project was revealed in mid-June to be planned as a stablecoin linked to a basket of fiat currencies and government bonds.

Wang indicated China needed to know precisely which currencies those would be, and whether the U.S. dollar would play a role, according to the Post.

If Libra is “closely associated” with the dollar, it could mean that national fiat currencies would work alongside “US dollar-centric digital currencies,” according to Wang.

He warned that China wouldn’t take that lying down, saying:

“But there would be in essence one boss, that is the U.S. dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”

Wang confimed that the PBoC had been working with market institutions on developing its central bank digital currency, according to the report. However, there is still no indication of how close it is to completion.

PBoC image via Shutterstock

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Trading Bitcoin Is Illegal in Iran, Central Bank Official Warns

Next Post

The Strange Case of CCN and the Google June 2019 Core Update

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
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
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

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

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

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

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
The Strange Case of CCN and the Google June 2019 Core Update

The Strange Case of CCN and the Google June 2019 Core Update

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)$23,019.00-0.16%
  • ethereumEthereum(ETH)$1,568.49-1.64%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$305.52-0.32%
  • rippleXRP(XRP)$0.409566-0.57%
  • cardanoCardano(ADA)$0.383188-0.56%
  • dogecoinDogecoin(DOGE)$0.0879630.73%
  • matic-networkPolygon(MATIC)$1.14-1.48%
  • okbOKB(OKB)$38.746.55%
  • solanaSolana(SOL)$23.93-1.37%
  • polkadotPolkadot(DOT)$6.37-2.35%
  • shiba-inuShiba Inu(SHIB)$0.0000120.59%
  • litecoinLitecoin(LTC)$88.69-0.17%
  • tronTRON(TRX)$0.062941-1.14%
  • daiDai(DAI)$1.00-0.02%
  • cosmosCosmos Hub(ATOM)$13.11-0.97%
  • chainlinkChainlink(LINK)$7.17-2.36%
  • leo-tokenLEO Token(LEO)$3.76-2.02%
  • moneroMonero(XMR)$184.893.45%
  • ethereum-classicEthereum Classic(ETC)$21.67-1.12%
  • bitcoin-cashBitcoin Cash(BCH)$131.54-2.07%
  • stellarStellar(XLM)$0.0927540.27%
  • crypto-com-chainCronos(CRO)$0.081140-0.24%
  • filecoinFilecoin(FIL)$5.23-2.56%
  • algorandAlgorand(ALGO)$0.2555770.78%
  • vechainVeChain(VET)$0.024070-2.95%
  • internet-computerInternet Computer(ICP)$6.030.03%
  • aaveAave(AAVE)$83.82-3.46%
  • eosEOS(EOS)$1.09-2.37%
  • elrond-erd-2MultiversX(EGLD)$44.34-0.92%
  • theta-tokenTheta Network(THETA)$1.07-4.45%
  • tezosTezos(XTZ)$1.10-1.13%
  • paxos-standardPax Dollar(USDP)$1.00-0.18%
  • bitcoin-cash-svBitcoin SV(BSV)$43.33-1.82%
  • huobi-tokenHuobi(HT)$5.111.21%
  • havvenSynthetix Network(SNX)$2.46-3.66%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.99-0.38%
  • iotaIOTA(MIOTA)$0.236470-2.75%
  • zcashZcash(ZEC)$45.21-2.35%
  • makerMaker(MKR)$649.50-2.50%
  • neoNEO(NEO)$8.18-0.62%
  • dashDash(DASH)$50.58-2.57%
  • zilliqaZilliqa(ZIL)$0.029256-0.50%
  • basic-attention-tokenBasic Attention(BAT)$0.259944-1.41%
  • compound-governance-tokenCompound(COMP)$55.65-3.64%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.038484-3.45%
  • kusamaKusama(KSM)$36.240.62%
  • bitcoin-goldBitcoin Gold(BTG)$17.41-0.46%
  • wavesWaves(WAVES)$2.792.88%
  • qtumQtum(QTUM)$2.63-3.01%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • sushiSushi(SUSHI)$1.29-3.84%
  • golemGolem(GLM)$0.244547-1.79%
  • yearn-financeyearn.finance(YFI)$7,434.97-2.72%
  • omisegoOMG Network(OMG)$1.46-2.76%
  • ontologyOntology(ONT)$0.214092-2.39%
  • digibyteDigiByte(DGB)$0.010630-3.94%
  • umaUMA(UMA)$2.080.78%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%