Former deputy governor of the People's Bank of China (PBOC) Min Zhu believes that the country's regulatorIt is necessary to take part in the discussion of the future stablecoin Libra.
Zhu stressed that China needsjoin other countries in regulating the stable cryptocurrency Libra, developed by the social network Facebook. Moreover, there is no exact date for the launch of the digital renminbi.
“I think it is critically important to join the discussion and participate in coordinated global regulation of Libra,” Zhu said, according to the South China Morning Post.
Previously, representatives of the NBK have repeatedly stated thatthat the Chinese state cryptocurrency is similar in architecture to Libra, but has a number of advantages. Thus, the digital yuan will provide users with “controlled anonymity.” At the same time, Libra could affect the stability of the financial system of China and other countries if it is widely used around the world.
Earlier this year, it was reported that the People's Bank of China had completed the bulk of the development of its own digital currency. Standard formulations and functional studies were also prepared.
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