China’s cryptocurrency Czar believes that “world powers do not welcome Facebook’s Libra”. However, the advances made by Libra stablecoin might be unstoppable.
China’s Research Institute on Digital Currency, an online education platform, released a six lectures series by its director Changchuan Mu.
“No countries welcome Libra, but it might be unstoppable anyways. It is very unlikely that one can totally stop people from buying Libra despite rigorous regulations.”Changchuan Mu, Director of China’s Research Institute on Digital Currency
Mu covered in the video series ranging questions from cryptocurrencies to Libra and its addition to the international monetary system.
However, Mu highlighted that even if a central bank “prevent Libra from entering a country would be to ask all their payment institutions and commercial banks not to process any transactions related to Libra.”
“Even if Facebook is blocked in China, people will use indirect ways to purchase it from abroad once Libra comes out”. If the U.S. bans Libra legally, then Libra will certainly be stopped.”Changchuan Mu, Director of China’s Research Institute on Digital Currency
People might find a way for its use through back channels citing the example of bitcoin trading in China. Some of the agencies use virtual private networks (VPN) for bitcoin trading from foreign exchanges in China.