Facebook, which will peg Libra to a basket of currencies backed by reserves, has 2.7 billion users as well as the backing of global payment, technology, telecommunication, blockchain and venture capital firms. Photo: Reuters
Facebook’s Libra poses a threat to China’s financial sovereignty, plans to use yuan overseas, analysts say
- Libra was unveiled three months ago and is still pending global regulatory approvals, but could reach Facebook’s 2.7 billion users worldwide
- China’s digital currency electronic payment (DCEP) is believed to be ready to launch by the People’s Bank of China, but some question if it is enough
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China economy
Facebook, which will peg Libra to a basket of currencies backed by reserves, has 2.7 billion users as well as the backing of global payment, technology, telecommunication, blockchain and venture capital firms. Photo: Reuters
Governor of the People's Bank of China (PBOC) Yi Gang poured cold water on prospects of an imminent launch of Beijing’s own digital currency. Photo: REUTERS
China has ‘no timetable’ for launch of its digital currency, says central bank governor
- People’s Bank of China head Yi Gang says a series of regulatory issues need to be addressed before Beijing can issue sovereign digital currency
- China is the first major economy to explore launching its own digital currency
Topic |
China economy
Governor of the People's Bank of China (PBOC) Yi Gang poured cold water on prospects of an imminent launch of Beijing’s own digital currency. Photo: REUTERS