PBoC sounds alarm over Facebook’s Libra

Central banks must keep control of Facebook currency, senior officials say

pboc building
The People’s Bank of China

A senior official at the People’s Bank of China says Facebook’s Libra must be kept under the control of central banks.

PBoC officials voiced worries that the new digital currency could have destabilising effects on the financial system and said the bank would step up its own efforts to create an e-currency.

Facebook announced the crypto asset in a white paper last month. Libra will run on a system similar to a blockchain without being decentralised in the same way as most crypto assets, and it

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