PBoC Crypto Will Be Similar To Libra
One of the Officials of the highly anticipated Chinese central bank-backed cryptocurrency reveals some key attributes of the new digital currency.
Mu Changchun, the deputy director of payments at People’s Bank of China, reveals that the organizational structure of their crypto will be very much similar to that of Libra.
The tokens will be backed by the Central Bank, which can be used without having to connect to the internet and will be supported by major payment platforms such as Wechat and Alipay.
The development of the new central bank-backed Stablecoin from China was in response to Facebook’s initiative to launch its own cryptocurrency with the primary aim to offer people around the world an alternative to traditional finance.
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