Facebook Says It Won't Launch Crypto in India Due to Regulatory Issues

European Central Bank Exec Calls for Fast Regulatory Action Regarding Libra

The PBOC is paying "high attention" to Libra, according to Wang Xin, director of the bank's research bureau.

"If Libra is widely used for payments, in particular, cross-border payments, will it be able to function as a currency and, accordingly, will have a big impact on monetary policy, financial stability and the worldwide monetary system?"

As reported Libra is backed by a combined basket of assets and currencies, which likely includes the US Dollar.

Wang confimed that the PBoC had been working with market institutions on developing its central bank digital currency, according to the report.

Also, Libra will be backed by several fiat currencies with the USA dollar at the core.

Beijing, in particular, is anxious that US-controlled digital currency might undermine its financial sovereignty.

While Facebook continues to make efforts to meet the regulatory requirements of different countries where it wants to offer its digital currency services, the company recently received an official letter from the US Congress to stop Libra.

He said that if Libra can be successfully launched, it may challenge the existing United States dollar-centered worldwide monetary system, a possibility that must be closely monitored. "If so, it would bring a series of economic, financial and even global political consequences".

What do think about China's proposed digital currency?

And with Facebook having stated that one of the goals of Libra is to enhance access to financial services for the unbanked, being locked out of India would deny Facebook the second-largest market in the world, by virtue of the unbanked population residing there.

Some experts suggested launching a Chinese version of Libra, using Facebook as a reference, to compete in the global cryptocurrency race, and they said the Chinese digital currency also could be used domestically. "China will push forward the establishment of unified standards and regulatory rules", said Wang.



Latest news

Asian markets cautious as everything rides on dovish Powell
In China, the Shanghai Composite was 0.2% lower and the blue-chip CSI300 was off 0.3%, while Hong Kong's Hang Seng fell 0.7%. The broader S&P 500 dropped 0.3 per cent to 2,967.08 while the tech-heavy Nasdaq slipped 0.1 per cent to 8,087.11.

Watch The Live Red Carpet Premiere Of ‘The Lion King’
The song was produced with South African composer Lebo M and soundtrack veteran Hans Zimmer . I wanted to do more than find a collection of songs that were inspired by the film .

Wilder rematch set for February, says Fury
Tyson Fury has confirmed that he will fight Deontay Wilder in their eagerly-anticipated heavyweight rematch on February 22, 2020. Undefeated Brit Tyson Fury is one of the most famous and highly regarded active boxers in the the current era of the sport.

Australia have multiple options, says Langer
Stoinis on Tuesday bowled for more 30 minutes and batted for more than an hour without issue. Paperwork was set to be lodged overnight for Wade to replace Khawaja.

Backed Lawsuit to Invalidate Obamacare Back in Court
District Court for the Northern District of Texas. "Our argument is simple", Becerra said in a written statement released Friday . In the 2017 Tax Cuts and Jobs Act (TCJA), Congress set the common obligation installment at zero dollars as of January 1, 2019.

Other news