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  • Wang Xin, head of the research bureau at the PBoC was questioning of the potential dangers around Facebook’s Libra.
  • The official also noted how the PBoC could hasten its own development of digital cash.  

 

An official from the central bank of China – PBoC has said that the cryptocurrency project of Facebook – Libra, is potentially posing a threat to traditional money on various fronts.  

Despite the warning on Facebook’s Libra, the official from the PBoC said that the central bank could hasten its own development of digital cash.  

Wang Xin, head of the research bureau at the PBoC, was speaking at an event at Peking University’s Institute of Digital Finance earlier on Monday, and said:

If Libra becomes widely used for international payments and effectively acts like money, he questioned “would it “¦ accordingly have a large influence on monetary policy, financial stability and the international monetary system?”