• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
libra better in IMF custody
Nexo

Ex-PBoC Boss: Facebook’s Libra Will Work Better if it’s in IMF Custody

Osato Avan-Nomayo by Osato Avan-Nomayo
3 years ago
in News, News teaser
0

A former head of China’s central bank has come out to say that Facebook’s Libra would be better served under the control of the International Monetary Fund (IMF). Facebook’s proposed digital payment platform continues to draw criticism from financial regulators around the world.


Libra Would Work Better Under IMF Custody

Zhou Xiaochuan, former head of the People’s Bank of China (PBoC) says Libra has little chance of succeeding outside the control of mainstream financial institutions. Commenting on the matter, Zhou remarked:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

People will question the motive of Libra as it’s initiated by a private company, it works better if it’s in IMF’s custody.

I watched the entire video and his comments is VERY to the point and super wise TBH.

Central bankers are not dumb when it comes to currency business

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 8, 2019

Zhou, like many prominent actors within the Chinese government, has also come out against Facebook’s proposed digital payments project. Back in July, the former chairman of the PBoC declared that Libra posed significant risks to payment systems and national currencies.

For Zhou, Libra being under the control of private companies creates the possibility of these private interests dictating monetary policies on a global level. However, there is an argument to be made that replacing the Libra Association with the IMF would likely amount to the same centralized credit market control.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Furthermore, an IMF-controlled Libra project could see the same weaponizing of the system by sovereign powers as is common with the current financial infrastructure. It is this absence of centralized oversight that some commentators like Twitter’s Jack Dorsey say gives bitcoin (BTC) the upper hand in the grand scheme of things.

Facebook’s Crypto Still Grappling with Regulatory Concerns

Meanwhile, Libra continues to contend with regulatory pushbacks from authorities in different jurisdictions. Apart from declaring a desire to block the actualization of the project, some countries are looking to launch their digital currencies to counter Libra.

Numerous reports out of China, say the PBoC is creating a digital RMB which will dovetail with the country’s current electronic payment ecosystem. As previously reported by Bitcoinist, the European Central Bank (ECB) is also looking to issue a public digital currency in response to Libra.

Some stakeholders within the European Union (EU)n have recently called on the EU to not allow China to dominate the sovereign digital currency scene. Meanwhile, Turkey is set to conclude final testing on its digital lira by 2020.

What do you think will be the implications of Libra being under the custody of the IMF? Let us know in the comments below.


Images via Shutterstock, Twitter: @DoveyWan

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

NFT

NFT Project Milady’s Charlotte Fang Accused Of Racism And Homophobia

12 hours ago
Magic Johnson

Magic Johnson Unveils NFTs Showcasing The Basketball Legend’s Iconic Moments

14 hours ago
Phishing

Phishing Criminals Steal $70,000 Using Beeple’s Hacked Twitter Account

2 days ago
Bitcoin

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

2 days ago
DAI

DAI Emerges Strong Despite Terra’s Downfall

2 days ago
Crypto

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.