libra better in IMF custody

A former head of China’s central bank has come out to say that Facebook’s Libra would be better served under the control of the International Monetary Fund (IMF). Facebook’s proposed digital payment platform continues to draw criticism from financial regulators around the world.

Libra Would Work Better Under IMF Custody

Zhou Xiaochuan, former head of the People’s Bank of China (PBoC) says Libra has little chance of succeeding outside the control of mainstream financial institutions. Commenting on the matter, Zhou remarked:

People will question the motive of Libra as it’s initiated by a private company, it works better if it’s in IMF’s custody.

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