Facebook's Libra is key for US crypto competitiveness, analyst says - Business Insider

could be key to the US's ability to compete with China in developing a digital currency for emerging markets, according to RBC Capital Markets.

Following a series of meetings and conferences in China, RBC analysts said they believe China has "expedited its development" of the yuan-backed Central Bank Digital Currency after Facebook's revealed its crypto plans in June. "If US regulators ultimately dismiss Libra and decide not to draft regulation to encourage crypto innovation in the US, China's CBDC may be strategically positioned to become the de facto global digital currency in emerging economies," RBC said in a note to clients on Tuesday.

China has the advantage of spreading the potential token through messaging and payment apps like Alipay, WeChat, and UnionPay, the analysts added.

really? then why was libra initially asking to be backed by a basket of currencies, one of which was the yuan?

Will it be successful? libra cryptocurrency

sponsored by facebook

no thanks

take a look at Ripple , an American company, light years ahead of Facebook's libra. Just click here

Analyst clearly ignored XRP proves he knows nothing

xrpthestandard

How much did Facebook pay you for this news?

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Booking Holdings becomes the latest company to abandon Facebook's libraOnline travel company Booking Holdings has dropped out of Facebook's libra, joining a growing list of firms who have exited the embattled cryptocurrency project. Good move. Anything with that name will likely crash in the 2 years.
Source: CNBC - 🏆 12. / 72 Read more »