Home News Science&Tech China demands Libra to be regulated by governmental authorities

China demands Libra to be regulated by governmental authorities

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The leap of the American tech giant Facebook to create its own crypto-currency libra must be placed under the supervision of monetary authorities. This is supported by Mu Changchun, deputy director of the payment department of the central bank of China. His criticism follows briefly a critical look at the development by directors at the European Central Bank (ECB) and the British regulator.

Mu pointed out that libra transactions, just like payments with other crypto coins, are not limited by national borders and that digital coins can be used for loans. They could disrupt monetary policy and entail currency risks in economies with a volatile local currency.

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Moreover, according to Mu, Facebook has not made clear how it is committed to financing money laundering and combating terrorist financing. It is also not known how Facebook will protect the privacy of its users. He thinks the currency will not be sustainable without the support and supervision of central banks.

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