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Libra Coin’s Upcoming Launch Pushes China to Working on Its Own Central Bank Crypto

  • Yuri Molchan
    📰 News

    🇨🇳🏦A representative of China’s central bank warns that Libra could threaten cross-border payments in China, therefore the bank is looking into making its own crypto


Libra Coin’s Upcoming Launch Pushes China to Working on Its Own Central Bank Crypto
Contents

Facebook’s plans to launch Libra Coin seem to have stirred the community of conventional financial institutions all over the world with US and European bankers and lawmakers demanding to put the project on hold.

Recently, Japan also expressed its concerns regarding a potential impact of Libra on the local banking system. Now China is joining this circle, but it seems to be the only country that is considering a release of its own central bank cryptocurrency.

Libra may pose a challenge to China

As reported by South China Morning Post, on Monday, an official from the People’s Bank of China (PBOC), Wang Xin, stated that the upcoming launch of Libra coin next year could potentially threaten electronic payments within the country and affect its financial policy. To prevent that, China is returning to the matter of issuing its own centralized crypto controlled by the government and its central bank.

Back in 2014, the PBOC was the first bank to begin researching virtual coins. In autumn last year, it started to seek experts in the spheres of blockchain and crypto with a goal to begin developing its own centralized crypto.

PBOC to build its own crypto

Now, it appears that Libra is making the central bank continue with this target.

In particular, regarding Libra the Chinese central bank is concerned about the ‘contents’ of the currency basket Libra will be pegged to and the influence of the USD on the Facebook’s coin. The latter is important to China in the light of the current trade war with the USA.

At the moment, China is still holding its ban against Bitcoin and other crypto, as well as crypto exchanges and intends to prohibit crypto mining.

In order to oppose Libra and the impact it may have on the global financial system, not only China may be pushed to making its own centralized cryptocurrency.

At the moment, the set of fiat currencies that Libra will be pegged to includes the USD, the EUR, the GBP, JPY and the Chinese yuan.

Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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John McAfee Fails CIA’s Attempts to Collect Him and His Wife, Shotguns Involved

  • Yuri Molchan
    📰 News

    Crypto freak John McAfee says CIA has made an attempt to collect him in Cuba, posts a photo holding a machine gun


John McAfee Fails CIA’s Attempts to Collect Him and His Wife, Shotguns Involved

In the previous episode of the ‘McAfee runaway saga’ U.Today reported that the crypto baron and one of the current US presidential candidates, John McAfee, send a word that he would be going dark on Twitter and promising to share details later on.

The message was posted on his account by McAfee’s team campaign manager with a long beard and just as long Spanish name Rob Benedicto Pacifico Juan Maria Loggia-Ramirez (probably, McAfee calls him ‘Don Juan’ for short, in commemoration of the Carlos Castaneda’s mysterious teacher).

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Villains strike, stakes rise

On Friday, July 19, the story had a continuation, since the first tweet made my McAfee himself appeared after the one promising that he would ‘go dark’.

The presidential candidate McAfee has reported that the CIA has attempted to lay their hands on him and his wife and prevented them from relaxed cigar smoking in Cuba.

The photo he posted shows McAfee and his wife Janice holding weapons, which apparently they used to scare the CIA agents off their expensive cognac and Cuban cigars.

The crypto baron then said that he would go dark on Twitter for another few days until the IRS sends US marines to catch him, perhaps.

The crypto baron then said that he would go dark on Twitter for another few days until the IRS sends US marines to catch him, perhaps.

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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