World's central banks mull launch of state-backed digital currencies

Potential challenges from Libra, the global digital currency proposed by the world's largest social media network, are accelerating the launch of state-backed digital currencies by central banks in countries around the world including China.

Officials from the People's Bank of China, the central bank, recently released more information about a central bank digital currency, or CBDC, which is still at the research stage.

The Chinese-version of CBDC will have a reserve fund that can fully back its total value, according to Mu Changchun, deputy director of the central bank's payments department.