China’s central bank is reportedly developing its very own digital currency in response to Facebook’s Libra as it could allegedly present a risk to the country’s monetary system, according to the South China Morning Post.

Wang Xin, director of the People’s Bank of China (PBoC) research bureau, suggested that “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 international monetary system?”

Wang claimed that the financial institution determined to produce its very own digital currency specifically as a result of the uncertain role of the United States dollar as soon as Libra is released:

“If the digital currency is closely associated with the U.S. dollar, it could create a scenario under which sovereign currencies would coexist with U.S. dollar-centric digital currencies. But there would be in essence one boss, that is the U.S. dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”

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