PBC move could counter potential threat by Facebook’s Libra

By Wang Bozun and Wang Cong (Global Times) 08:02, October 29, 2019
China is likely to expedite the process of a central bank-backed digital currency, as officials and analysts rush to underscore the importance of digital currency and the underlying blockchain technology in the wake of Facebook’s cryptocurrency plan that some said could challenge other countries’ financial sovereignty.
While many Chinese analysts argued that Facebook’s Libra, which is facing intense scrutiny in the US, is unlikely to succeed, they also called for the People’s Bank of China (PBC), the country’s central bank,
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