ZHOU Xiaochuan, Chairman of the central bank of China (PBOC) in 2002 to 2018 and one of the MOST influential people in finance and monetary policies in China, commented on Libra today saying:
“People will question the motive of Libra as it’s initiated by a private company, it works better if it’s in IMF’s custody”
😳😳😳 ZHOU Xiaochuan, Chairman of PBOC (2002 to 2018) the MOST influential economist and monetary governor in China, publicly commented on Libra today
“People will question the motive of Libra as it’s initiated by a private company, it works better if it’s in IMF’s custody” pic.twitter.com/wMw8n1emI4
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 8, 2019
The International Monetary Fund (IMF), is an organization composed of 189 countries and its job is to promote monetary cooperation globally, assure financial stability, ease international trade, encourage a high employment rate with a sustained growth of the economy, and fight poverty around the globe.
Zhou has commented earlier this year about the benefits of Libra which he thinks has two strong keys that make it better than other cryptocurrencies.
The first is that Libra has reserve banking to prevent volatility. In other words, it is a stablecoin which seems to be a trend recently after the ICO bubble.
The second key Libra has is the potential reach of billions of people that are already on Facebook, giving the coin a big chance to become a global currency.
Zhou comments come after stress on the EBC camp about Libra launch and the fear to be left behind in the stablecoins trend which seems that governments are in a race for monetary global supremacy.