Who Likes Facebook’s Libra Currency? Not the Chinese (PIIE)

Facebook’s announcement in June 2019 of plans to launch a “simple global currency” called Libra to “empower billions of people” to move money around the world with the ease of a text message has sparked predictable skepticism in the Trump administration, the US Congress, and the Federal Reserve. An equally revealing reaction, however, has come from China, which sees Libra as a threat to the comfortable lead it has enjoyed in financial technology or “fintech” since 2013. US officials need to pay attention to China’s response before setting rules that would stifle Facebook’s innovation before it can get off the ground.


Martin Chorzempa

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