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Sunday, September 19, 2021

Books on China’s new blockchain consider Libra a threat

China has just published a guide to government officials on cryptocurrencies and blockchain, and has proposed policy measures to deal with emerging challenges like Facebook’s Libra.

The book “Discussing digital currencies with top officials” is part of a series of studies on the political and economic consequences of technology such as cryptocurrencies and artificial intelligence. Central Party School is a higher education institution that trains government officials for the Communist Party.

According to the Chinese news agency jinse.com last week, the book covered a wide range of topics such as central bank digital currencies, cross-border payments, stablecoins, Libra, ICOs and exchanges. Translate, ….

According to jinse.com, the book argues that Libra is a great example of public-private partnerships and has the potential to become pre-world money in the future. But at the same time, Libra hindered the government’s efforts to increase the international influence of the Chinese yuan. Former chairman of Hongzhang Wang of China Construction Bank and one of the book’s preface authors said recently in another article about this book in Chinese media Sina .com:

“Initially, China relied on mobile payments to move forward, but now Libra has the potential to change the game again. We cannot cope with new risks by hindering the development of technology. This will allow US companies to build digital currency systems through blockchain technology, which can threaten or even surpass Alipay or WeChat Pay. ”

Wang goes on to suggest that the best way to deal with challenges like Libra is to reform the Chinese regulatory system. Indeed, the book clearly suggests that China is exploring new legal policies related to ICOs as well as exchanges and exchanges that so far remain within the gray legal area (not regulated). clearly).

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