The former boss of the People’s Bank of China Zhou Xiaochuan, has made remarks about Facebook’s Libra. In his opinion, Libra would work better under the IMF. Facebook’s cryptocurrency has less chance of succeeding outside the control of mainstream financial institutions, he added.
Xiaochuan said that people would question the motive of Libra as it is initiated by a private company, as translated by Dovey Wan on twitter. She added that Xiaochuan is considered as the most influential economist and monetary governor in China.
No relief for Libra as it continues to face regulatory scrutiny
Meanwhile, Libra continues to face regulatory push backs from authorities all around the world. To fight Libra-like cryptocurrencies several central banks around the world are thinking of launching their own state-backed cryptocurrencies.
China is expected to launch its central bank-backed cryptocurrency anytime soon. The central bank of China has been studying the CBDC for the last five years. Turkey also announced to launch its own cryptocurrency by the end of the next year.