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Crypto domestic in China may be a new version of Libra

2019-09-06 09:02 am | Resource: News Section | No Views : 38

Crypto domestic in China may be a new version of Libra A senior official of China's central bank confirmed that the upcoming Crypto in the country will resemble Libra announced by Facebook in mid-June.
The Hong Kong Economic Journal reported on Friday, Sept. 6, citing previous coverage of Shanghai Securities News, owned by China's official Xinhua News Agency.
Mu Changchun, deputy director of the People's Bank of China Payments Administration (PBoC), said Crypto will be supported by major electronic payment platforms such as Tencent’s WeChat and Alipay, which are backed by Alibaba.
The tokens will be guaranteed by the central bank and are therefore as secure as banknotes issued by PBoC and can be used without an internet connection, to ensure that transactions can continue even in case of disruption of communication networks.
Talking about the state's motives to continue the digital currency, Mu said the currency will help protect China's sovereignty from foreign exchange even as many commercial applications of Cryptocurrency gain an attraction:
"Why is the central bank still doing this digital currency today when electronic payment methods are developed? It is to protect our monetary sovereignty and legal currency status. We need to plan ahead for a rainy day."
Mu said the next national currency would aim to make provisions for anonymous payments while preventing money laundering. He explained that although the currency focused on payments would look like the digital currency Libra, it would not be a direct copy.
He said China has been researching its project since 2014, with the pace of collecting development in 2018. Last month, PBoC revealed that the currency was almost ready for launch, while the Hong Kong Economic Newspaper noted that the currency could start as early as November. Next.
Mu has previously pointed out that the upcoming domestic Crypto organizational structure, somewhat similar to the Libra structure and that the social media project has affected the original design of the coin.
Chinese academics also claimed that Libra's unveiling sparked controversy among local regulators and prompted project designers to involve more NGOs in currency development and issuance.

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