Is China Coin Rushing to Beat Libra Cryptocurrency?

October 8, 2019 | Digital Assets, Investments, News

Launch of China Coin Could Come as Soon as November 11

China Coin will try to beat Facebook’s Libra to the market. Chinese financial experts believe that Libra would have such an impact on the economy that they are pushing their government to beat the rival cryptocurrency to the market.

The “crypto space race” kicked off in July when multiple outlets reported that China was considering its own coin. At the time, speculators believed that China was rushing to counter Facebook. At the time, the head of research at the Peoples Bank of China questioned the role of Libra in the global financial system. Wang Xin wondered “would [Libra] … accordingly have a large influence on monetary policy, financial stability and the international monetary system?”

Months later, China accelerated its plans. The nation appointed Mu Changchun to replace Yao Qian as the head of the People’s Bank of China’s research arm. The South China Morning Post suggested that Libra’s launch would only bolster the U.S. dollar and negatively impact China’s goals for the Yuan. Now, various outlets are suggesting that the PBoC could launch China Coin as soon as November 11. That date is the day that China’s popular shopping event Singles’ Day occurs. Some have speculated that the central bank will give the coin to several of its e-commerce giants like Alibaba and Tencent to help bolster their global influence.

Plenty of Opposition to Libra

Regulators around the globe remain skeptical about China Coin and Libra.

Meanwhile, members of the Libra Association have become increasingly guarded about their involvement. As we noted last week, both Visa and Mastercard have reportedly had second thoughts about the project. Increased regulatory scrutiny has fueled this skepticism.

In addition, PayPal went completely AWOL on the project. The online-money transfer company is reportedly unsatisfied with the Libra project and David Marcus’ efforts to address issues money laundering.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.

Alt Insights

November 29, 2019

Research from Preqin Shows Funds Lost $34.4 Billion in Q3

Research from Preqin Shows Funds Lost $34.4 Billion in Q3

Latest Alternative Investment News

Canadian Listed ETF Assets Race Past the $200B Mark
December 5, 2019     News

Canadian ETFs have put on a powerhouse performance this year, crossing the $200 billion mark by end November.

Black Tuesday: Banks on Both Sides of the Atlantic Announce Major Job Cuts
December 5, 2019     Community Banking, News

Black Tuesday: Banks on Both Sides of the Atlantic Announce Major Job Cuts. On Tuesday, December 3, Unicredit, Italy’s largest lender, said it planned to cut 8,000 bank jobs as…

Venture Capital CEO Andrew Chung Faces New Legal Challenges
December 5, 2019     Investments, News, Venture Capital

Andrew Chung, CEO of venture capital firm 1955 Capital, faces a new legal fight. The firm’s sole investor has sued Chung and the company over investment terms.

Mark Wiseman Out at BlackRock

Mark Wiseman found himself in the running to replace BlackRock Chief Larry Fink. Now he finds himself out of a job. Multiple media outlets report that Wiseman allegedly violated BlackRock’s…