China’s cryptocurrency like Libra, across major payment platforms

SHANGHAI (Reuters) – China’s proposed new digital currency would bear some similarities to Facebook’s Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank officer said. It had said little since but Mu last month announced that the digital currency was almost ready. Some analysts say China appears to have accelerated the push to digital money after U.S. social media giant Facebook announced plans in June to launch digital coin Libra. Mu said China’s digital currency would strike a balance between allowing anonymous payments and preventing money-laundering. Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians.

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