China’s National Digital Currency To Facebook’s Libra

The People’s Bank of China (PBoC, the central bank of China) has speedup the process to create it own national digital currency to face the threat from Facebook’s Libra cryptocurrency. Speaking at Peking University Wang Xin, the head PBoC research said, “We had an early start … but lots of work is needed to consolidate our lead. 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.”

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