Published: Wed, July 10, 2019
Markets | By Otis Pena

China And India Put Future Of Facebook's Libra Cryptocurrency Into Question

China And India Put Future Of Facebook's Libra Cryptocurrency Into Question

As SCMP notes, the Libra white paper suggests that the Facebook currency will be pegged to a group of major fiat currencies, which will nearly certainly include the USA dollar.

At an event at Peking University's Institute of Digital Finance yesterday, the director of the People's Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it will likely have a huge influence on "monetary policy, financial stability, and the worldwide monetary system".

"If Libra is widely used for payments, in particular, cross-border payments, will it be able to function as a currency and, accordingly, will have a big impact on monetary policy, financial stability and the global monetary system?" It is important for the American public and the world to understand this.

In the letter released by the Senate panel Tuesday, Marcus said Facebook has reached out to regulators across the globe, and will ensure that consumers are protected and that the role of central banks and governments with Libra is "appropriate".

McConnell equates his ancestors’ slave ownership to Obama’s
McGrath, who must first win the Democratic nomination, would not show similar restraint against McConnell. McConnell's website also indicates he would try to make one of McGrath's potential strengths a liability.

The most recent doubt to Facebook Inc's. plans for its new cryptographic money called Libra originates from India as Asia's third-biggest economy is not desperate about permitting the digital cash in the nation.

"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.

Following cruptocurrency research that started in 2014, the PBOC set up a research institution in 2017 to accelerate further study. "But we are looking to work with regulators to see if the legislation can be updated". Visa, MasterCard, Uber, PayPal, eBay, Lyft and Spotify are among the high-profile entities that have been brought on board as partners. Included in that rabble is China's Central bank who, according to national media, is "stepping up the research" into creating a cryptocurrency to challenge Libra. Compared to the United States, China has done well promoting digital finance, he added.

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