The Crypto Weekly – October 11th, 2019

<The Rise of the Chinese Digital Yuan and Libra’s Crisis>

Facebook’s ambitious digital currency project Libra is in a crisis. PayPal has declared its withdrawal from the Libra Association. Big US banks are pressuring the Fed to stop Facebook Libra from becoming a “shadow banking system.” In Europe, France and Germany oppose the use of Libra, and have implied that they will develop their own digital euros. Despite the various issues, the Libra Association aims to launch in the second half of 2020. Unlike Facebook’s Libra, which is struggling, China’s Digital Yuan project seems to be making steady progress.

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