China to launch its own cryptocurrency to compete with Facebook
The Asian giant is finishing all necessary to launch its own digital asset to fight Libra which promises to become a revolutionary currency
China is in the final phase of creating its own cryptocurrency, which would come at a time when Facebook’s virtual asset is emerging as a revolutionary payment methods.
This is something almost completely new to the Asian giant, given that in 2017 it had ensured that cryptocurrencies were an “instument of criminal activity.”
However, at the end of September this year, the head of the Central Bank Yi Gang said that the future digital currency would be associated with electronic means of payment (WeChat, AliPay, among others) that the Chinese already use in their phones to pay most of their purchases.
The president of the institution did not bring more details about this currency, although he assured that the launch is scheduled for November 11.
It is important to remember that the sector was not regulated and transactions went under the radar of the authorities, so the government closed the cryptocurrency exchange platforms in 2017.
K. Tovar
Source: Ambito
