Technology: Swiss say Facebook's digital currency plan will face hurdles - PressFrom - US
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TechnologySwiss say Facebook's digital currency plan will face hurdles

23:35  11 september  2019
23:35  11 september  2019 Source:   msn.com

China's official digital currency is nearly ready

China's official digital currency is nearly ready As much as China frowns on cryptocurrency, it's happy to introduce its own form of virtual cash. The People's Bank of China has revealed that its digital currency "can now said to be ready" after five years of work. Don't expect it to mimic crypto, however. According to payments Deputy Chief Mu Changchun, it'll use a more complex structure. It'll rely on a two-tier split, with the People's Bank on top and commercial banks below, ostensibly to help deal with the sheer size of China's economy and population. Also, it won't rely entirely on the blockchain that forms the backbone of cryptocurrencies. It just couldn't deliver the throughput needed for retail, Changchun said.

GENEVA (AP) — Facebook and its partners have asked financial authorities in Switzerland to evaluate their plan to create a new digital currency to be called Libra.

Swiss say Facebook's digital currency plan will face hurdles © Provided by The Associated Press FILE - In this March 29, 2018 file photo, the Facebook logo on a screen at Nasdaq in Time Square, New York. Facebook and its partners have asked financial authorities in Switzerland to evaluate their plan to create a new digital currency called Libra. Facebook has said a nonprofit association headquartered in Geneva would oversee Libra, putting it under Swiss regulatory authority. The Swiss Financial Market Supervisory Authority said Wednesday, Sept. 11, 2019 the Libra Association has requested an “assessment” of its plan. (AP Photo/Richard Drew, file)

Facebook unveiled a proposal in June to create a digital currency similar to Bitcoin for global use. The company said it would set up a nonprofit association headquartered in Geneva with its partners to oversee Libra, putting it under Swiss regulatory authority.

China's PBOC Says Its Own Cryptocurrency Is ‘Close’ to Release

China's PBOC Says Its Own Cryptocurrency Is ‘Close’ to Release The People’s Bank of China is “close” to issuing its own cryptocurrency, according to a senior official. © Bloomberg A pedestrian walks past the People's Bank of China (PBOC) headquarters in Beijing, China, on Friday, June 7, 2019. China's central bank governor said there's "tremendous/1870b592-5948-4e70-9fe3-9f6c00499e14/98d222d822585dc92618b420a2d1f9be" room to adjust monetary policy if the trade war deepens, joining counterparts in Europe and the U.S. in displaying readiness to act to support the economy.

The Swiss Financial Market Supervisory Authority said Wednesday that the Libra Association has requested an "assessment" of its plan.

The authority, known as FINMA, says the proposal has to meet anti-money laundering requirements and other strict standards. That includes obtaining a "payment-system license" that makes the association responsible for bearing "the returns and risks associated with the management of the reserve."

U.S. dollar to be main currency underpinning Facebook's Libra: Spiegel .
U.S. dollar to be main currency underpinning Facebook's Libra: SpiegelChina's yuan currency will not be included, which could help smooth the planned cryptocurrency's path in the United States, where officials have raised concerns about the yuan's growing stature as a reserve currency at a time when trade relations between the two economic powers are tense.

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