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“If Libra is widely used for payments ... would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?” asked Wang Xin, director of the Chinese central bank’s research bureau during a conference at Peking University’s Institute of Digital Finance.released a white paper in June about its blockchain-based payments system and crypto project.
AliPay is part of Alibaba Group’s financial arm, Ant Financial, the world’s largest privately held fintech company.developers in May, even considering copying Facebook’s Libra project until regulators got a better handle on regulating it. Their payment features are all embedded in the dominant social media platform that owns billions of customers.
“Libra is unlikely to succeed since the obstacles it faces are overwhelming,” says Meng Liu, an analyst with Forrester in Beijing. His obstacles include existing e-payment technologies that he thinks are “good enough,” including the already existing AliPay and WeChat Pay.
China already has 1 n are pushing to have moneyless purchases. As it might be seen as a good thing it’s not. Bitcoins can n will devalue the American 💵 will be worthless in Some markets such as China 🇨🇳. This is why Trump has been pushing new tariffs so American 💵 stays strong.
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