The People’s Bank of China (PBoC) announced that it has approval from the state administrative authority to start working on a national digital currency in order to combat the uncertainty of Libra. According to bank representatives, Facebook’s Libra could introduce problems for the local market as it’s planning to provide global payment opportunities. Since Facebook has access to nearly three billion people worldwide, the bank is fearing that Libra will somehow tamper with local monetary policy. Furthermore, it’s expected that Libra will be backed by the USD, making it even more dangerous to the yuan. In order to ... (full story)