Libra vs. China's DCEP? The Battle for the Future of Money Heats Up

This week saw the latest salvos in the battle for the future of money. 

Libra announced that it would be moving away from a single currency that was backed by a basket of national currency to 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 is currently being tested, giving us insight into functionality, geographies and players involved. 

China also announced the 71 members of its National Blockchain Council, as well as went live with their 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.