China says new digital currency will be similar to Facebook's Libra
Mu Changchun, deputy director of the People’s Bank of China’s payments department, gave new details on China's central bank digital currency during a lecture this week. According to Mu, the token will be available on platforms like WeChat and Alipay, similar to Facebook's plan to offer its own Libra token on its messaging platforms. Unlike Libra, China's digital currency will be controlled by the state allowing the central bank to "protect our monetary sovereignty and legal currency status," according to Mu.
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