INSIGHTS | Facebook’s digital dollar or China’s webminbi?

With Facebook announcing Libra, some central banks have felt the pressure to start exploring the possibility of having a sovereign digital fiat. China especially has felt the need to ramp up its research and development of what it calls DC/EP (Digital currency/electronic payments). China started developing digital currency pretty early on; it’s been in the works for at least five years.

At TechNode’s September meetup in Shanghai this Wednesday, we were joined by experts Alex Sirakov, senior associate at KapronAsia, Yin Hang, co-founder and developer at pLibra.io, and Richard Wang, partner at DraperDragon Fund, to discuss the People’s Bank of China’s (PBOC) race against the mammoth of Menlo Park.

Bottom line: Facebook’s Libra painted a world with global currency in the digital era, it aims to address real-world market problems, but naysayers fear that it will disrupt the financial system and threaten monetary sovereignty. While many other countries are starting to look into it, China may be a step ahead.

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