Chinese Digital Currency Director Says Libra May Be “Unstoppable”

Asia Blockchain Review
September 28, 2019

Facebook’s proposed cryptocurrency, Libra, has come under increasing regulatory scrutiny and even outright opposition from countries around the world. 

However, Changchuan Mu, the new director of China’s Research Institute on Digital Currency, said the token might prove to be “unstoppable” once it is introduced to the market.

Lessons from China’s Underground BTC Trading

According to a report by CoinDesk, Mu addressed the issue of Libra during a series of talks, covering everything from the crypto’s proposed technical specifications to its potential in global finance. He revealed that it would be very difficult for regulators to stop people from using Libra. 

“No countries welcome Libra, but it might be unstoppable anyways,” stated Mu. “It is very unlikely that one can totally stop people from buying Libra despite rigorous regulations.”

To prevent people from using the crypto, regulators could possibly require banks and financial institutions to deny Libra-related transactions. Still, Mu said there would be other back channels for users to access the crypto, citing underground Bitcoin trading in China.

“Even if Facebook is blocked in China, people will use indirect ways to purchase it from abroad once Libra comes out,” he said.

Defending China’s Monetary Sovereignty

Mu added that if the U.S. does not issue an outright ban on Libra, and regulators in other countries allow for the crypto to be traded, it is very likely that Libra will grow into a major international currency.

He underlined the importance of China establishing its national digital currency first to ensure its monetary sovereignty.

“We need to defend our monetary sovereignty and currency, repair the roof before a rainy day.”

Source: https://www.coindesk.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Global Islamic FinTech 2020: A Digitalised Economy Growth To Look Out For
    If you are new in this sector, Asia Blockchain Review is ready to get you started on the whole missi...

    February 26, 2020

    Earn while You Sleep with Crypto Staking
    As the crypto-driven revolution continues to take the financial world by storm, the crypto sector ha...

    February 25, 2020

    pitchIN: Leading the Way for Crowdfunding in Malaysia
    When it comes to the crowdfunding space in SEA, a name which rings a bell with most industry players...

    February 18, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us