PBoC official: Libra must be regulated

PBoC official: Libra must be regulated

Libra can’t function as a cross-border fund transfer option without support from central banks. “The quality of the code isn’t stable:” PBOC. Facebook Inc. plans to issue a cryptocurrency called Libra will have to fall under the regulators’ eye. This is according to the views of the deputy director of the People’s Bank of China’s payments department, Mu Changchun. Changchun says that the plan to utilize Libra in cross-border payments “won’t be sustainable without the support and supervision of central banks.” According to Mu cryptocurrencies can be utilized in lending activities and have the ability to interrupt with monetary policy as well...

People’s Bank of China Blockchain Platform Has Processed Nearly $4.4B This Past Year

People’s Bank of China Blockchain Platform Has Processed Nearly $4.4B This Past Year

In September of last year, the People’s Bank of China (PBoC) released its blockchain trade finance platform. Chinese media is now reporting that the ‘experiment’ has been a massive success, reaching billions of dollars worth in transactions on foreign exchanges. China has been experimenting with blockchain for some time, but authorities are just now releasing concrete results. According to Sina Finance, the People’s Bank of China has processed around $4.4B in foreign exchange transactions on its blockchain platform. Currently, the platform incorporates 483 branches from 28 banks. PBoC Has Room to Expand Although this may seem impressive, there is still a...

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