Economy

Libra must be regulated: China’s central bank, PBOC official

Libra must be regulated: China’s central bank, PBOC official”

The recent unveiling of the Libra White paper has got pretty much everyone from crypto enthusiasts to national governments hot and bothered for all sorts of reasons.

Twenty-seven companies and entities have joined the Libra founder group, including the world's traditional payment giants Visa and Mastercard.

Libra is a new cryptocurrency, a digital currency developed by Facebook that uses cryptography and powered by Blockchain, a method of protecting information, to verify transactions.

"But there would be in essence one boss, that is the USA dollar and the United States".

"From the government's perspective, we pay more attention to its influence on financial services, monetary policy and financial stability", Wang said.

Libra, which is going to be launched in 2020, has been approached cautiously by politicians and regulators around the world. Wang's discussion of the matter indicates it might also be used as a reference for bank interest rates on deposits.

The India crypto space has been facing severe heat from the financial regulators in the country, with the Reserve Bank prohibiting local banks from dealing with digital currencies.

The Libra Association will issue a cryptocurrency called Libra. Credit money is a future monetary claim, like an IOU.

However, China can not make such a regulation.

China, in particular, is concerned over the potential impact the dollar-dominated composition of the Libra basket will have on cross-border payments, monetary policy and financial sovereignty.

Research work is led by the PBOC's Currency Gold and Silver Bureau. This is according to the views of the deputy director of the People's Bank of China's payments department, Mu Changchun.

Abeer Bhatia, president of card marketing, pricing and innovation at JPMorgan Chase & Co., told Bloomberg that while customers have shown themselves open to new payment methods such as contactless, that hasn't been the case with mobile wallets such as those those offered with Apple Pay or Android Pay.



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