Global use of Libra, other stable coins could curb currency's internationalisation
24 Dec 2019 2:00 PM IST
They could also weaken the effects of capital controls and lead to volatile asset prices.
Villeroy said the proposals were not a reaction to Facebook's plan, responding instead to fast-evolving technology and some banks' need for digital currency.
The global use of Facebook’s Libra and other stable coins could curb the Chinese yuan’s international development, the official Xinhua news reported on Monday, citing the central bank’s vice governor Chen Yulu.
They could also weaken the effects of capital controls and lead to volatile asset prices, which could impact financial stability, said Chen at a finance event on Saturday.
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