China's digital currency will be similar to Facebook's LibraChristian Fernsby ▼ | September 6, 2019
China's proposed new digital currency would bear some similarities to Facebook's Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank officer said.
Asia China central bank
Topics: China currency Facebook Libra
"Why is the central bank still doing such a digital currency today when electronic payment methods are so developed?" said Mu, according to a transcript of a lecture he gave this week that was published online.
He said the tokens would be as safe as central bank-issued paper notes and could be used even without an internet connection. They could also be used on Tencent's WeChat and Alibaba-backed Alipay.
The state-run newspaper Shanghai Securities News reported his comments on Friday. ■