Skip to content
Subscriber Only

Facebook’s Libra Must Be Under Central Bank Oversight, PBOC Says

  • Official says yuan’s convertibility key to tackle the threat
  • Libra can disrupt monetary policy, induce fx risks: PBOC
Mark Zuckerberg

Mark Zuckerberg

Photographer: Michael Short/Bloomberg

Updated on

Facebook Inc.’s push to create its own cryptocurrency, called Libra, must be put under the oversight of monetary authorities, according to a senior official from China’s central bank.

As a convertible crypto asset or a type of stablecoin, Libra can flow freely across borders, and it “won’t be sustainable without the support and supervision of central banks,” Mu Changchun, deputy director of the People’s Bank of China’s payments department, wrote in comments provided to Bloomberg.