Reject or embrace? How will Beijing react to Facebook’s Libra

From scmp.com

Facebook’s plans to launch a cryptocurrency could usher in a new type of “currency competition” and force China to rethink how it deals with the realities of the digital world, analysts said. In the past, Beijing has cracked down on cryptocurrencies like bitcoin, viewing them as a threat to financial stability, and has tried, with little success, to develop a “sovereign” digital currency of its own. Facebook’s Libra, which is expected to be launched next year, raises a tough question for Beijing as it may have greater implications for global currencies, payments and financial systems than traditional ... (full story)