Technology Other News 24 Dec 2019 Global use of Libra, ...

Global use of Libra, other stable coins could curb currency's internationalisation

REUTERS | DECCAN CHRONICLE
Published Dec 24, 2019, 2:00 pm IST
Updated Dec 24, 2019, 2:00 pm IST
This could impact financial stability.
 This could impact financial stability.

The global use of Facebook’s Libra and other stable coins could curb the Chinese yuan’s international development, the official Xinhua news reported on Monday, citing the central bank’s vice governor Chen Yulu.

They could also weaken the effects of capital controls and lead to volatile asset prices, which could impact financial stability, said Chen at a finance event on Saturday.

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