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.”


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
Vanguard Group Tests Blockchain-Powered Forex Trading Platform
The Vanguard Group is testing a blockchain platform that will allow asset managers to trade currenci...

October 14, 2019

South Korean Blockchain Provider Blocko Officially Launches in UAE
Blocko, a Samsung-backed enterprise blockchain provider from South Korea, has officially launched it...

October 13, 2019

China Will Likely Approve Yuan-Backed Stablecoin And Blockchain
The yuan-backed CNHT has a good chance of being accepted by China, with the potential to attract inv...

October 13, 2019

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