Central Bank of China: Libra could force us to accelerate the development of our own digital currency
The threat that Facebook’s cryptocurrency project poses to traditional money could force the People’s Bank of China (PBoC) to accelerate the development of its digital currency, a ministry official said..
Speaking at the Institute of Digital Finance at Peking University this Monday, PBoC research bureau chief Wang Xin said, “If Libra becomes ubiquitous for international payments and acts as money, will it have a correspondingly strong impact on monetary policy, financial stability and the international monetary system? “
According to him, the accompanying risks force PBoC to “very closely” monitor the development of the situation and can motivate the regulator to accelerate the development of its own digital currency, which has been going on for several years..
“We started early, but there is still a lot of work to be done to cement our dominance,” he said..
Wang explained that the Central Bank of China needs to know which currencies will be used to provide Libra and where the US dollar will occupy in its basket..
“It may turn out that there will be, in fact, one boss – the US dollar and the United States itself. This will entail a series of economic, financial and even international consequences, “he added..
The PBoC spokesperson also confirmed that they are working with various market participants to create their own digital currency. When a development tool can see the light, he did not elaborate.
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