China's digital currency will be like Facebook's Libra, says central bank official

China's push to develop its own digital currency appears to have intensified after Facebook announced that it was launching its digital coin Libra analysts say

China's push to develop its own digital currency appears to have intensified after Facebook announced that it was launching its digital coin Libra analysts say

According to the Reuters report which quotes a senior central bank officer in China, people will be able to use the upcoming digital currency for making payments on major platforms such as WeChat and Alipay.

China's central bank has had a group studying digital currencies since at least 2014, but their efforts seem to have come into focus in recent months. It is to protect our monetary sovereignty and legal currency status.

The tokens will be guaranteed by the central bank and thus as secure as PBoC-issued paper notes and can be used without an internet connection, to ensure that transactions can continue even in the event that communications networks are down. "We need to plan ahead for a rainy day".

The state-run newspaper Shanghai Securities News reported his comments on Friday. Last month, the PBoC revealed the currency was nearly ready to launch.

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As the Hong Kong Economic Journal notes, the currency could launch as early as November 11 - significantly sooner than Facebook's Libra.

China's state-backed digital currency is nearly ready for launch, but apart from the fact that it would act as a stablecoin pegged against the country's national currency, there is not much information on the project. While Libra will be linked to a basket of conventional currencies including the dollar and the euro, China's digital currency will be pegged to the yuan. Its structure is meant to foster trust and stabilize its price.

More incredibly, Reuters reports that Mu said China's purported coin would find a balance between allowing anonymous payments and preventing money laundering. Its ability to be used without an internet connection would also allow transactions to continue in situations in which communications have broken down, such as an natural disaster.

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