China‘s upcoming state-controlled digital currency is to be similar to Facebook‘s proposed coin, which makes total sense, because Libra isn’t really a cryptocurrency. Mu Changchun, deputy director of payments at China‘s central bank, explained the country was issuing its digital currency “to protect our monetary sovereignty and legal currency status,” Reuters reports. “We need to plan ahead for a rainy day,” Changchun added. It’s likely these concerns reflect those of the European Central Bank. Earlier this week, a representative claimed that Facebook‘s Libra could undermine its power if it was readily adopted, as it could reduce overall demand for the Euro.…
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Friday 6 September 2019
