Digital currencies

Facebook’s Libra galvanises Asian central bankers into action

Central bankers from China, Hong Kong and Thailand plan to issue their own digital currencies, spurred by the threat to their monetary policy. They were previously too complacent, says the IMF.

Facebook’s plans to launch digital coin Libra next year has wrong-footed central banks in Asia and jolted some into accelerating their own alternative offerings.

Speaking during Hong Kong’s annual fintech jamboree, Mu Changchun of the People's Bank of China, said he saw Libra, whose social media parent Facebook is banned in China, as a threat.

“Global stable coins definitely pose a threat to the implementation of monetary policy and financial stability, especially to those countries with capital controls and a less strong currency,” said Mu, whose title at the PBoC is that deputy director-general at the institute of digital currency.

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