RATE Group | Ex-China Bank Gov Against New Digital Currency
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Ex-China Bank Gov Against New Digital Currency

28 Jan Ex-China Bank Gov Against New Digital Currency

Posted at 07:22h in Cryptocurrency News by

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A former Chinese deputy governor is urging President Xi Jinping to rethink his response to Libra after the U.S. hearing last October.

Instead of making its own digital currency, the deputy, Zhu Min, is asking Xi to reconsider rushing that process.

China has actually been looking at making its own CDBC since 2014. But Facebook’s announcement of its crypto coin Libra stoked alarm in other governments and agencies across the world. Officials in China are concerned that Libra could give the U.S. a bigger advantage on the world stage, especially since the Chinese yuan is not among the assets backing Libra.

The South China Morning Post on Sunday (Jan. 26) reported that the debate on whether China should issue its own currency has been going on for some time now.

Zhu Min told Sina.com that he thought it was “critically important” for China to join the talks about Libra. He said Digital Currency Electronic Payment, the central bank’s digital…

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