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  • Xiaochuan Zhou’s, served as PBoC governor between 2013 and 2018.
  • Zhou detailed that China should be looking at taking precautions against the trend of Facebook’s Libra.

 

A former acting governor for the Chinese central bank, People’s Bank of China (PBoC) says “China should take precautions” against the trend represented by Facebook’s Libra cryptocurrency.

Xiaochuan Zhou’s, served as PBoC governor between 2013 and 2018. Zhou highlighted Libra for its stablecoin-like properties and ambitions to tackle the pain point of cross-border remittances in emerging economies.  

Zhou further added:

In future there may emerge a more internationalized, globalized currency, a currency so strong that will cause major currencies to establish exchange relations with it. It may not necessarily be Libra, but there will be more institutions and people try creating it.