PBoC sounds alarm over Facebook's Libra

Bitcoin

Libra is a new cryptocurrency, a digital currency developed by Facebook that uses cryptography and powered by Blockchain, a method of protecting information, to verify transactions.

Xie continued to confirm that a central bank digital currency (CBDC) was in the works after the PBOC received approval from the State Council.

Similarly, the French Finance Minister, Bruno Le Maire issued a warning that Facebook's Libra must not be allowed to become a sovereign currency across different countries.

Mu said the central bank's research team tested Libra's code and found it's "still in an initial stage and the quality of the code isn't stable". "We have to move more quickly than we've been able to do up until now".

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The director of the bank's research bureau, Wang Xin, asserts that "if [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the worldwide monetary system?" But there would be in essence one boss, that is the USA dollar and the United States.

Facebook Libra is a stablecoin backed by United States dollars and it is quite different from Bitcoin, but it still works on the principle of decentralization (at least to a degree) which has become major concerns amongst regulators. They could disrupt monetary policy and entail currency risks in economies with a volatile local currency.

Singapore wants Facebook to offer up more details about the launch of its new cryptocurrency, Libra, before the country decides whether there is need for new regulation. If that were to happen, it would challenge central banks' monetary sovereignty, Li said. "China will push forward the establishment of unified standards and regulatory rules", said Wang. The department, primarily in charge of traditional currency management, is shifting to digital currency innovation because the use of cash is declining in China amid booming digital payment systems.

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