Digital Currency Revolution Series: Is PBoC Eyeing on Chinese National Cryptocurrency?

The People’s Bank of China (PBoC) made an announcement of approval from the state administrative authority to start working on a national digital currency in order to combat the uncertainty of Libra, as per the Chinese reports.

The official whitepaper of Libra, which was highly speculated cryptocurrency of Facebook, has been released on libra.org, with additional partners.

The cryptocurrency would be developed on the Libra blockchain, as per the sources. It is reportedly a stable, scalable open source and the testnet is available on GitHub.

And according to bank representatives, Facebook’s Libra can be a potential threat for the domestic market as it intends to ease overseas payment operations. The social media giant, ‘Facebook’ has a worldwide network, they have access to nearly about 2.3 billion Facebook cryptocurrencies users,and the bank is mindful of the potential threat by the Libra’s scope for the local monetary policy, because Libra is likely to be pegged to the USD, which could even be more hazardous to the Chinese currency.

Well, with a view of a dealing and confronting such issue, the Chinese central bank would be equipped for designing and developing their private edition of national digital currency to assist domestic payments abiding by their central bank’s monetary policy.