Libra’s Christian Catalini, the project’s co-creator and head economist of Calibra, explained that the central banks should see the crypto project as an improvement to their cryptocurrencies since Libra can be used to build on top of the central bank digital currencies. Let’s read further in the Libra news.
Catalini pointed out during a FinTech conference in Singapore how the central banks can benefit from Libra. the statement comes at a time when countries around the world are really looking forward to launching their own state-backed digital currencies. Libra’s Christian Catalini stated that Libra could not only co-exist with the new central bank digital currencies launched by the major central banks but it could also help them built on top of the project:
“From the start, it was clear to us that eventually, central banks will be issuing some flavors of central bank digital currency, and we wanted the system to be future-proofed for that. In fact, Libra would have built on those central bank digital currencies.”
During his speech, Catalini pointed out the concerns regarding Libra’s backing and he said that the cryptocurrency reserve represents a complement to the monetary policies so that assets behind it are controlled, managed and generated by central banks. Libra was the first officially introduced back in June and spiked mixed reactions around the world. the project gathered some serious regulatory attention with the legislators across the world battling to take a serious stance on the matter. It is also interesting that the draft document from the European Union implies the creation of the new coins that could compete with Libra or in other words, state-backed cryptocurrencies are starting to get more attention.
Another example comes from China as well since earlier this year it was announced that the central bank will launch a state-backed cryptocurrency that will be dispersed to central major institutions and corporations in the country. The Vice-chairman of the China Center for International Economic exchanges pointed out that their product will be the first market mover. The head of the people’s bank of China digital currency research institute reassured:
“We know the demand from the general public Is to keep anonymity by using paper money and coins […] we will give those people who demand it anonymity in their transactions. But at the same time, we will keep the balance between the “controllable” anonymity and anti-money laundering, Counter-terrorist financing, and also tax issues, online gambling, and any electronic criminal activities.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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