Chinese Officials Send Warning to Facebook’s Libra Project

Image for post
Image for post

China’s State Administration of Foreign Exchange stated Facebook’s Libra project must abide by foreign exchange regulations or “it should be banned.”

// STAY UP TO DATE — FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY

Sun Tianqi, chief accountant of China’s State Administration of Foreign Exchange (SAFE), spoke on Facebook’s Libra token in an address to the Bund Summit in Shanghai, according to Reuters.

“Financial technology can promote the opening up, innovation and development of a country’s financial market,” said Sun.

“It could also bring a lot of illegal cross-border financial activities. This should be a matter of great concern to all countries, especially emerging markets.”

China’s central bank, the People’s Bank of China (PBoC), is currently exerting downward pressure on the yuan, weakening it to increase Chinese exports.

In July, Zhou Xiaochuan, former governor of the PBoC stated Libra could pose a threat to China’s currency.

Wang Xin, head of the research bureau at the PBoC stated the agency has begun developing a digital yuan in response to Facebook.

Image for post
Image for post
President Xi Jinping

On Friday, Chinese President Xi Jinping stated the country needs to “seize the opportunity” afforded by blockchain technology.

The Cyberspace Administration of China stated significant developments of blockchain applications have been made, with more than 500 enterprise projects started.

// CLICK HERE FOR MORE BLOCKCHAIN NEWS

Donate BTC: 13xyfdE1ERCu6ZaZ6Ejj7x6B7au8GJXont (Click for QR)
ERC 20: 0x3930890DC36E40e17c280aF5A80cEAC30732cFB9 (Click for QR)

Written by

Your foremost source for #blockchain news ⛓ Inquiries: contact@blockchaindaily.news

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store