Cryptocurrency

China crypto-currency will be similar to Facebook's

Chinese crypto-currency ingots
Getty Images

In case you hadn't heard, China's central bank has been working on its very own crypto-currency, which is close to being ready.

What is interesting is that the government is now saying that it will bear a similarity to Facebook's Libra virtual currency.

It will be possible to use China's digital currency across the country, as consumers will be able to use it to pay for things on major mobile payment platforms like Alipay and WeChat, Mu Changchun, deputy director of the People’s Bank of China’s payments department told Reuters.

He added that the aim is for the tokens of this crypto-current to be as safe as paper money issued by the central bank, and can be used even without an internet connection.

Facebook announced in June that it planned to launch its own global digital currency. It has seen severe criticism from regulators, bank chiefs and politicians, who fear it will be difficult to regulate.

Should India embrace cryptocurrencies?

Should India ban cryptocurrencies, or embrace them as the future of money?
Some believe that believe cryptocurrencies are the new digital gold. From Bitcoin to Ethereum, there are over 2,000 kinds of cryptocurrencies globally, worth over $300bn in digital money. And now Facebook is planning to join the bandwagon with Libra, its own digital currency.

But many are wary of cryptocurrencies and the risks associated with them. There are concerns about scams, fraud and user privacy. Countries like India have put restrictions in place on the trade of cryptocurrencies. Now, a new government committee in India has recommended a complete ban, including holding and investing in them.

In this edition of WorklifeIndia, we speak to a young professional who works at a cryptocurrency exchange, the policy head at India's leading association of software companies, and a lawyer specialising in technology and privacy. We ask them whether India should ban cryptocurrencies, or embrace them instead as the future of money.

Presenter: Devina Gupta

Contributors: Priyanka Sharma, Chief of Staff, WazirX cryptocurrency exchange; Ashish Aggarwal, Sr Director & Public Policy Head, NASSCOM; Akriti Gaur, tech lawyer and senior fellow, Vidhi Centre for Legal Policy

Facebook's Libra cryptocurrency attacked at Senate hearing

libra logo
Reuters

Facebook's plan for a cryptocurrency has come under further attack at a US hearing, with politicians calling the company "delusional" and not trusted.

The Senate Banking Committee had been quizzing Facebook executive David Marcus over the tech giant's intention to launch its Libra digital currency.

The company had showed "through scandal after scandal that it doesn't deserve our trust", said senator Sherrod Brown.

Facebook was told to clean up its house before launching a new business model.

Those hearings continue later today.

Read more ahead of the hearings here.