China To Launch its Own Cryptocurrency To Counter Facebook’s Libra

Bitcoin

The central bank has been watching the emergence of a new global digital currency called Libra, introduced by Facebook, the world's biggest social network company, on June 18.

Meanwhile, governments of major countries are concerned about how Libra may affect the financial markets, or whether it will be used in a bad way by criminals.

Design of the Facebook currency has not been fully explained. In other words, they are not comfortable with private tokens including Bitcoin, GlobalCoin, Ether, Ripple, etc.

Due to the strict regulations by the Reserve Bank of India, including the ban on dealing in cryptocurrencies, launching Libra will be next to impossible in India. Among the hardest hit were cryptocurrency exchanges which have since the RBI ban either shut down or moved operations overseas. The government is now drafting the "Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019" to prohibit mining, holding, buying, or selling cryptocurrencies in the country.

The reason behind the gains today was unclear and it came despite more negative news surrounding Facebook's proposed digital coin Libra.

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"There are no plans to offer Calibra in India", a Facebook spokesman said in an email, effectively ruling out the rollout of its Libra cryptocurrency in the country.

India is Facebook's largest market where the networking giant is already preparing for a countrywide rollout of its WhatsApp payments service, which has been in a yearlong pilot restricted to one million users.

Facebook had 2.3 billion users as of the first quarter of 2019. This is supported by Mu Changchun, deputy director of the payment department of the central bank of China. Per the World Bank's statistics compiled two years ago, 11 percent of the world's unbanked live in India.

Meanwhile, the United States Congress demanded a hearing on the upcoming Libra on Facebook and requested that Facebook and its partners impose an official moratorium on the development of Libra until its problems are considered and considered.

Caixin published similar comments on Libra from Mu this weekend.

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