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China’s Financial Research Institute Says Facebook’s Libra is a Replacement to Everything

Facebook Libra

The deputy Director of the People’s Republic of China’s Financial Research Institute, a section of the Development Research Center (DRC) of the State Council, Chen Daofu, has said Facebook’s proposed digital currency dubbed Libra is going to serve as a replacement to everything in the society.

Answering questions at the 2019 China Fortune Forum, held on July 7, Daofu said Libra will solve a number of problems with no hindrance.

His statement, been an employee at the DRC where China’s financial and developmental plans are researched, reflects that the country may give Libra a warm welcome.

Daofu, who was optimistic about Libra, said the Facebook’s Coin would tackle currency conversion problem with ease. He mentioned that Libra would tackle cross-border verification with its multi-chain verification.

The financial expert is sure Libra is a replacement to everything in the society, considering what the digital currency aims to tackle.

Word’s Big Firms Are Supporting Facebook’s Libra Currency

Prior to the announcement of Facebook, Libra has gained adequate supports from big companies across the world who have been sidelining cryptocurrency.

Paypal and some other financial firms have queued behind the digital currency considering the fact that it has the potential to reach the nooks and crannies of the world.

“Libra, I think, is a digital asset, a digital currency, and a payment system,” Daofu said.

Daofu wants Libra to be efficient in the payment systems and payment scenarios, so, he advised that Libra be linked with more physical scenarios to increase its use cases.

The thought of Daofu, will surely create a safe landing for Libra in China, a country that has already put stiff regulatory measures in place for cryptocurrency.

The DRC, is involved in comprehensive policy research and consulting institution for the government of the People’s Republic of China.

The DRC carries out studies on long term and strategic issues and offers advice and recommendations for government. The body tender developmental and decision-making proposals.

ECB Charges for Regulatory Clarity before Facebook Launches Coin Libra

European Central Bank Executive Board member Benoit Coeure, has advised Financial regulators to put forward adequate regulatory measures for cryptocurrency before Facebook launch its global currency Libra.

Todays Gazette Telegram

Coeure on Sunday in Southern France in Aix-en-Provence, enjoined regulatory institutions to act “more quickly” to not give Facebook the opportunity to launch its token in a regulatory void manner, saying it may be too dangerous to allow such to happen.

As regulatory bodies begin to welcome Facebook’s digital currency with open minds, lawmakers in the US have officially cautioned Facebook to stop going further on the idea.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Olayode Yusuff

Olayode has made meaningful contributions to Huffington Post, Thrive Global, Oracle Times, The Independent Republic, Forbes, Washinghton Post and a host of other news magazine.

He’s a blockchain enthusiast covering news on notable cryptocurrencies and seminars from far and within.

Email: olayode.yusuff@newslogical.com

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