Chinese Communist Party's new blockchain book casts Libra as a threat to its currency system

Quick Take

  • China’s Central Party School has published a new book, Discussing Digital Currency with Leading Officials, that according to local media reports touches on topics like central bank digital currency, stablecoins, exchanges and trading, cross-border payments and initial coin offerings
  • According to the reports, the book describes Libra as a threat to China’s leadership in the global payment system and outlines the country’s plan to push back on it by improving the regulatory framework for digital currency

China has published a new book to educate government officials on digital currency and propose policy measures to deal with emerging challenges like Facebook's Libra. 

The book, Discussing Digital Currency with Leading Officials, is part of a series that explores the political and economic consequences of technologies like cryptocurrency and artificial intelligence. The publisher, the Central Party School, is a higher education institution that trains government officials for the Communist Party.

As reported by Chinese news outlet jinse.com last week, the book touches on a wide range of topics including central bank digital currency, cross-border payments, stablecoins, Libra, initial coin offerings and exchanges, among others. 

According to jinse.com, the book argues that Libra is an excellent example of public-private partnerships and has the potential to become the future world currency. But at the same time, the book argues that Libra could get in the way of the government’s attempt to increase the international influence of the Chinese yuan, according to the report. 

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