NLW breaks down libra’s new fiat-pegged model, DCEP’s trial app and China’s Blockchain Service Network
This week saw the latest salvos in the battle for the future of money.
The Libra Association said its libra would not be a single currency that was backed by a basket of national currency but would now be a model of numerous individual fiat-pegged currencies. While the original model was akin to a disruptive implementation of John Maynard Keynes' original concept for a global basket currency (which he called a “bancor”), this model seems more to position libra to help existing central banks digitize their currencies.
China, meanwhile, steamed forward with its digital currency and blockchain plans. Screenshots of an app from the Agricultural Bank of China show how the DCEP (Digital Currency Electronic Payment) is currently being tested, giving us insight into functionality, geographies and players involved.
China also announced the 71 members of its National Blockchain Council and went live with its Blockchain Service Network. The BSN in particular has potential significance on a world scale as China tries to build and control a key piece of global digital infrastructure.