Director of PBOC research bureau says Libra could impact monetary policy, and China is preparing

Wang Xin, director of the People's Bank of China research bureau, said Facebook's plans for its crypto could impact global monetary policy, and the central bank in response is looking into creating its own digital currency.

The South China Morning Post reported Wang's comments today, who said the PBOC is paying "high attention" since the release of the Libra white paper last month. However, this is not the bank's first foray into crypto research. The central bank began studying digital assets in 2014 in an effort to keep up with bitcoin, according to the SCMP.

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