Facebook's digital currency has put China's central bank on high alert

Regulators must hold Facebook to its word to live upto Libra's structure Wall Street veteran

The India crypto space has been facing severe heat from the financial regulators in the country, with the Reserve Bank prohibiting local banks from dealing with digital currencies.

Meanwhile, regulators and central banks have voiced concerns about Libra, with a senior official from China's central bank the most recent to speak of potential issues with the project.

Design of the Facebook currency has not been fully explained.

Follow Chepicap now on Twitter, YouTube, Telegram and Facebook! It has also been previously reported that a draft law aiming to introduce a 10-year jail sentence for mining, buying, holding or selling cryptocurrencies is under consideration. The matter is coming up for hearing on July 23.

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The world's economies have yet to decide how to cope with the challenge by the Libra system, though accelerating the launch of their own digital currencies could be a counterbalance, according to Wang of the PBOC.

Speaking at an event at Peking University's Institute of Digital Finance earlier on Monday, Wang Xin, head of the research bureau at the PBoC, said if Libra becomes widely used for worldwide payments and effectively acts like money, "would it ... accordingly have a large influence on monetary policy, financial stability and the global monetary system?"

"If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability, and the worldwide monetary system?"

However, the tough scenario in the nation regarding cryptocurrencies means Facebook's Libra project will have to eye the market from outside for now. This is according to the views of the deputy director of the People's Bank of China's payments department, Mu Changchun. Then please consider donating today to ensure that Eurasia Review can continue to be able to provide similar content.

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