China’s cryptocurrency will be similar in architecture to Facebook’s Libra stablecoin
A senior NBK official said that China’s upcoming state cryptocurrency will be similar in architecture to Facebook’s stable Libra.
Deputy Director of the Payment and Settlement Decisions Division of the People’s Bank of China (NBK) Mu Changchun commented on the lecture this week, according to Reuters. Mu added that digital currency will also be able to be used on major payment platforms such as WeChat and Alipay.
According to Mu Changchun, China is developing such a currency to protect its “monetary sovereignty and legal currency status.” The official said that the problem with digital currencies issued by corporations such as WeChat and Alipay is that these companies could theoretically go bankrupt, and this could lead to losses for users.
The digital currency issued by the Central Bank of China will be as secure as paper money and can be used even without an internet connection.
In the middle of last month, Mu Changchun announced that China will soon have its own digital currency, which has been working on for five years. However, last week there was information that the Central Bank of China has denied reports of the release of its cryptocurrency.
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