China’s central bank is developing a state-run cryptocurrency in response to Facebook’s Libra228

China’s central bank is creating its own cryptocurrency in response to Facebook’s Libra, said Wang Xin, director of the People’s Bank of China’s (PBOC) research bureau.

China’s stance towards Bitcoin, and cryptocurrency in general, has been hostile—and understandably so. China tightened capital controls in the wake of a shock yuan devaluation in 2015 and has continued to implement measures to mitigate capital flight out of the country. Some of these measures include increased disclosure requirements for buying foreign currencies and tightened restrictions on corporate investments overseas.

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