Facebook unveiled its global cryptocurrency “Libra” on June 18, in a new initiative in payments for the world’s biggest social network. Photo: Reuters

Facebook’s Libra could ‘damage’ the yuan if China’s currency is not convertible, says central bank

  • People’s Bank of China (PBOC) breaks silence on Facebook’s Libra, says that it will not be sustainable without the support of central banks
  • A PBOC official said Libra could ‘spark depreciation in domestic currencies and worsen the financial situation of the poor’
Topic |   Facebook Libra

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Facebook unveiled its global cryptocurrency “Libra” on June 18, in a new initiative in payments for the world’s biggest social network. Photo: Reuters
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