China’s proposed new digital currency would bear some similarities to Facebook’s Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay. Mu Changchun, deputy director of the People’s Bank of China’s payments department, said the development of the coin would help protect the country’s foreign exchange sovereignty as commercial applications of such currencies expanded.

He said the tokens would be as safe as central bank-issued paper notes and could be used even without an internet connection. They could also be used on Tencent’s WeChat and Alibaba-backed Alipay.

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