Chinese
Official Slams Libra, Says Central Bank will Issue Digital Currency First
High-ranking Chinese official
Huang Qifan believes that Facebook's Libra is doomed to fail and that China’s
central bank will be the first to issue a digital currency. According to a
Chinese media report, Qifan said that “it is highly likely
that China’s central bank will be the first to issue a national digital
currency.”
Qifan also took aim at
Facebook’s digital currency Libra, the Chinese official believes that the
crypto will ultimately fail, as it lacks the support of real sovereign
wealth:
“I personally don’t believe
Libra will succeed. Some companies attempt to challenge sovereign currency by
issuing bitcoin or Libra. The decentralized blockchain-based currencies are
not supported by sovereign credit and hard to become real wealth.
