Former PBoC Gov Tells China To Join Global Regulation Conversation For Libra Stablecoin

China needs to join the Libra regulation global conversation as Digital Yuan launch date still uncertain.

Former People’s Bank of China Deputy Governor, Min Zhu, insisted on the importance of China joining other nations in the global discussion on how to regulate Libra cited an article emanating from the South China Post. He said,

“I think it’s critically important to join the discussions and take part in coordinated global regulation of Libra.”

Meanwhile, he hasn’t been alone as Ba Shusong, a former researcher at China’s State Council Development Research Centre, was worried about how a project of Libra’s magnitude could be regulated to prevent its misuse as an illegal front for money launderers. He called for the need to first improve the regulatory framework for financial Technology while calling for global cooperation for an alternative framework. Ba Shusong currently serves as chief China economist for the Hong Kong stock exchange said,

“You would need to first improve the regulatory framework for [financial] technology. There is a need for global cooperation for an alternative regulatory framework.”

International organizations such as the G7 working group is steps ahead in evaluating and regulating the significant impact Libra would have in global financial systems as central banks and financial institutions provide guidance on the regulation of stablecoins.

With China also on course to creating their own digital Yuan also known as Digital Currency Electronic Payment (DCEP), with reports showing they had completed their first tests on Jan 10th. However, there is no specific timeline as to the launch date.

Digital Yuan under threat from Libra

China’s digital Yuan is set to suffer setbacks if Libra prevails both domestically and abroad. Like many other central banks, the PBoC is worried that they will lose their ability to implement their monetary policies if Libra gains momentum. The Yuan hasn’t been included in the basket of currencies on which the Facebook-led Libra is pegged. Also with the USD partly backing Libra would move only solidify the USD’s position in the international financial systems hence dwarfing China’s attempt to make the Yuan stronger internationally.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today