People’s Bank of China works on its digital currency
The People's Bank of China (PBoC), the main financial institution of the Asian giant, advances in its plans to create its own digital currency, following the steps of Facebook
Wang Xin, head of the PBoC’s research office, confirmed the news at a recent event and offered details on the considerations of Facebook’s initiative to boost its own digital currency.
Xin believes that when it comes to making international payments, Libra could have an influence on monetary policies, financial stability and the international economic order. Therefore, the situation caused the bank to carefully evaluate the possibility of accelerating the development of its cryptocurrency.
The Chinese executive believes that the reference price of Libra could lead to the loss of reputation of other international currencies and said: “If in essence there is only one boss, and that is the US dollar, this would bring a series of economic, financial and even policies at international level.”
Xin also confirmed that the PBoC has already been working with market institutions to develop its new digital currency. However, he did not offer information on how advanced the project is or about its launch.
It seems that the People’s Bank of China will follow the steps of Facebook and its new acquisition, Libra, but it will be necessary to wait some weeks or months to obtain more details.
L.Sáenz
Source: iProUP
