Facebook’s Libra is certainly causing quite a storm.
As I wrote here, Rep. Maxine Waters, who chairs the House Financial Services Committee, wants development of Libra halted.
And I wrote here how Europe doesn’t like it either.
Now China is getting involved, but in a different way.
As reported by the China Morning Post, the country’s central bank is reportedly developing its own digital currency.
And it’s in response to Facebook’s Libra, which could pose a threat to the country’s financial system.
The rumor is the PBoC now has the green light from the powers above to get the project rolling.
At the heart of the matter is the potential challenge central banks' monetary sovereignty.
Controlling money is power. And China doesn’t want to lose that power.
According to Li Zhenhua, executive director of the Ant Financial Research Institute, the market is worried about whether Libra will develop into a type of credit money. If that were to happen, it would challenge central banks' monetary sovereignty.
Well, you know my opinion…
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