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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Employees check fans on mining machines at the Bitfarms cryptocurrency farming facility in Farnham, Quebec, Canada. Photo: Bloomberg

Facebook’s Libra forcing China to step up plans for its own cryptocurrency, says central bank official

  • Wang Xin, director of the People’s Bank of China research bureau, warns the new digital currency could have major impact on monetary policy and financial stability
  • PBOC was the first major central bank to study digital currencies in 2014, a step to counter the challenge from cryptocurrencies including bitcoin
Topic |   Facebook Libra

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Employees check fans on mining machines at the Bitfarms cryptocurrency farming facility in Farnham, Quebec, Canada. Photo: Bloomberg
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