PBOC intends to have the digital asset launched on WeChat, Alipay, Alibaba, and other online platforms. The digital tokens will function even without an internet connection. China continues to make headlines for the ambitious own cryptocurrency project. The said digital asset will be issued by the People’s Bank of China (PBOC) and will have similarities with Libra, the proposed digital asset by Facebook. The government intends to have the digital asset launched on WeChat, Alipay, Alibaba, and other online platforms. According to the deputy director of PBOC Mu Changchun, the digital asset will ensure the sovereignty of China’s foreign exchange is guarded. “Why is the central bank still doing such a digital currency today when electronic payment methods are so developed?” Mu asked lecture he gave earlier this week. “It is to protect our monetary sovereignty and legal currency status. We need to plan ahead for a rainy day,” he continued. China’s digital currency will have the security of bank-issued notes. Moreover, the tokens will work even without an internet connection. Mu adds that the token will have some resemblance with Libra although do not expect it to be a direct copy. On the other hand, Facebook continues to struggle with regulatory concerns. Regulators say that Facebook could rise to financial dominance and could easily be a conduit for money laundering. Consequently, Facebook is acting fast by hiring top lobbyists to seek approval to go ahead with the project’s launch. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US: NFP likely to print 140k gain for August – Westpac FX Street 4 years PBOC intends to have the digital asset launched on WeChat, Alipay, Alibaba, and other online platforms. The digital tokens will function even without an internet connection. China continues to make headlines for the ambitious own cryptocurrency project. The said digital asset will be issued by the People's Bank of China (PBOC) and will have similarities with Libra, the proposed digital asset by Facebook. The government intends to have the digital asset launched on WeChat, Alipay, Alibaba, and other online platforms. According to the deputy director of PBOC Mu Changchun, the digital asset will ensure the sovereignty of China's foreign exchange… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.