The former head of China’s Central Bank: Libra should be controlled by the IMF

The former Chairman of the people’s Bank of China Governor Zhou Xiaochuan is confident that the project Libra digital currency from Facebook is unlikely to progress far without the control of the international financial institutions.

«People will doubt the motives of Libra, the initiator of which is a private company. It will work best under the control of the International monetary Fund», — quotes the banker managing partner, Primitive Ventures Dowie van.

According to her, the thoughts of Xiaochuan deserve attention:

«I watched the video fully. His remarks are very relevant and Supermode, to be honest. Representatives of the Central banks are not stupid, when it comes to the monetary sphere».

Zhou Xiaochuan, considered one of the most influential economists in the world, has previously criticized the initiative from the largest social network. So, in July, he said that Libra is threatening the existing cross-border payment systems and may weaken national currencies.

Therefore, according to Xiaochuan, the Chinese authorities need to strengthen the national currency and to consider the Hong Kong model to create a digital Renminbi, which involves the issue of money commercial enterprises under the supervision of the Central Bank.

Earlier, the President of the FATF Xiang Liu expressed the opinion that Libra and other «stable» coins in the case of mass adoption would impede the efforts to curb money laundering and the financing of terrorism.


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