Facebook's Libra is the US's best shot at beating China to become the dominant digital currency for emerging economies, analyst says
could be key to the US's ability to compete with China in developing a digital currency for emerging markets, according to RBC Capital Markets.
Following a series of meetings and conferences in China, RBC analysts said they believe China has "expedited its development" of the yuan-backed Central Bank Digital Currency after Facebook's revealed its crypto plans in June. "If US regulators ultimately dismiss Libra and decide not to draft regulation to encourage crypto innovation in the US, China's CBDC may be strategically positioned to become the de facto global digital currency in emerging economies," RBC said in a note to clients on Tuesday.
China has the advantage of spreading the potential token through messaging and payment apps like Alipay, WeChat, and UnionPay, the analysts added.
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