China Should Pay Attention to Facebook’s Libra Project – Zhu Min
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China Should Pay Attention to Facebook’s Libra Project – Zhu Min

January 27, 2020      Zain Raza

Zhu Min, a former deputy governor at the People’s Bank of China, has asked his country to keep a close eye on Facebook’s Libra. Libra is set to be launched in this summer and has the support of a bunch of hard currency assets.

“I think it’s critically important to join the discussions and take part in coordinated global regulation of Libra,” Zhu told Sina.com

Zhu added that China is still far from launching its sovereign digital currency, and the current digital currency is all a pretty natural process. And Zhu isn’t the only one in voicing his opinion to involve China in a global framework digital currency. Ba Shusong, the chief Chinese economist of the Hong Kong stock exchange, opined that an edifice under the tutelage of multilateral bodies are required to oversee digital currencies such as Libra, as they could be a potential threat and end up making the worldwide financial system upside down and become a thing of worry for national banks.

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“Many issues surround digital currencies because their usage is not limited to any single country,” Ba told a seminar at the Asian Financial Forum in Hong Kong in January.

Ba suggested that developments like Facebook’s Libra need to be monitored in order to avoid notorious activities like money laundering. Zhu Jiang, the general manager at Kingsoft Cloud, said that the path of the physical and digital world is about to run into each other. He further added that digital assets can take the game by the scruff of the neck and be pivotal, but in order to blow and go far, they need support from the Government.

Vodafone’s Split with Libra

Vodafone parted ways with Facebook’s Libra after PayPal and MasterCard also announced their departure as Libra was getting scrutinized globally. However, Vodafone’s spokesperson stated that this is not the end of the road as if an opportunity arises in future, they would give the idea of a collaboration a thought

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.