Wang Xin – Director of the People’s Bank of China research bureau has declared at an academic conference the following according to South China Morning Post: “If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”.

People’s Bank of China seems to follow closely the effects of Libra’s on the international monetary and financial system and to work towards creating a central bank digital currency according the South China Morning Post citing Wang Xin.

It is clear that many other countries will have to follow this trend since digital currencies will record higher adoption and become a more preferred mean of payment for population and institutions.