“If the US impedes the launch of Libra, China will win the digital currency race”

Calibra CEO David Marcus said that if US authorities continue to obstruct the development of Libra, then China will be the first to launch its own digital currency.

According to Marcus, Washington risks “losing a significant part of the world – it will be blocked and protected from US sanctions and will receive a new digital reserve currency.”

“In five years, if we don’t have a decent answer, then China will launch its digital yuan for a significant part of the world, on its own blockchain, which only China will control,” he said in an interview with Bloomberg.

In August, the People’s Bank of China announced that it would accelerate the development of its own digital currency. Representatives of the Central Bank noted that a project such as Libra could increase the value of the dollar in the global financial system, so you need to launch the digital yuan as quickly as possible.

Marcus recently said that due to pressure from US regulators and authorities, the Libra project may refuse to launch stablecoin tied to a whole basket of assets and use third-party stable cryptocurrencies tied to state currencies.