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    Facebook's Digital Money Plan Raises Stakes For China's Cryptocurrency Ambitions

    Facebook's plans for a new digital currency have sent Chinese monetary officials scrambling. Since 2014, China's central bank has been looking into launching a cryptocurrency too.
    by Emily Feng Jul 31, 2019 3 minutes

    When Facebook announced plans in June to launch a new digital currency called Libra, the news sent monetary officials scrambling in China.

    That's because since 2014, the People's Bank of China has been looking into building its own, centrally controlled cryptocurrency.

    "We will keep a close eye on the new global digital currency," Wang Xin, research director at China's central bank, said of Libra at a conference in early July in Beijing. "We had an early start ... but lots of work

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