Wang Xin, director of the Central Bank Research Bureau: Whether to allow domestic use of Libra or allow domestic companies to issue Libra-like Chinese versions is a real problem that needs to be solved.

On July 8, 2019, the inaugural meeting of the "Digital Financial Open Research Program" was held in Beijing. Regarding how to deal with Facebook's Libra, Wang Xin, head of the Research Bureau of the People's Bank of China and head of the Money and Banking Bureau, said that the introduction of central bank digital currency or Libra-like things is also worth considering. Exploring digital finance better supports the development of the real economy and responds to external challenges. Improve the framework of the financial technology regulatory system and solve some practical problems: whether Libra is allowed to be used domestically, and whether domestic companies are allowed to issue Libra's Chinese digital currency. If we also support our organization, we have very good foundations and conditions, and we also issue a Chinese version of digital currency like Libra. What should its application be? It is mainly used for international relations with Libra. Whether the field is used for competition, or whether it can be widely used in China, how it affects our current RMB. Link: