PBOC Panics, Demands Central Bank Oversight Of Facebook's Libra

Zero Hedge | 7/10/2019 | Staff
maddyb7 (Posted by) Level 3
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The Fed and the ECB greeted Facebook's introduction last month of its new 'Libra' stable coin - which the company said will help facilitate global payments via the company's various messaging apps - with suspicion. Now, even the PBOC is expressing some alarm, and urging its international peers to up the oversight on the project, before Zuckerberg accidentally sparks currency crises in countries with less-stable currencies like Turkey and - possibly in the not-too-distant-future - China, per BBG.

Since Libra can move freely across borders, it "won’t be sustainable without the support and supervision of central banks," Mu Changchun, deputy director of the PBOC’s payments department, said. That's because the currency could create new monetary policy and foreign exchange risks for developing economies.

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(Excerpt) Read more at: Zero Hedge
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