The People's Bank of China (PBoC) is planning to sanctioned cryptocurrency and if this goes forward then there can be no better launchpad than Wechat. In China, Wechat is a popular social media platform and also a major payments platform. So there are chances that the Chinese government may allow WeChat to come up with a cryptocurrency of its own. The Director of PboC’s Wang Xin expresses his concern for Libra, stating “If Libra is widely used for payments … would it be able to function as money and accordingly have a large influence on monetary policy, financial stability, and the international monetary system?”