Facebook’s Libra Concept Will Impact Cross-Border Payments: Ex-PBoC Chief

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China should learn from Hong Kong and Facebook as it develops its own sovereign digital currency, a former central bank governor says. A former governor of the People’s Bank of China (PBoC) has indicated that Beijing may delegate the issuance of digital currency to commercial entities, the Hong Kong-based South China Morning Post newspaper reported on July 11.Zhou Xiaochuan, who stood down as head of the central bank in 2018 after 15 years, revealed the country may adopt a new approach for its sovereign digital currency scheme — taking inspiration from Hong Kong’s monetary system and Facebook’s Libra project.In Hong Kong, three banks issue their own banknotes…
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Facebook’s Libra Concept Will Impact Cross-Border Payments: Ex-PBoC Chief

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