The People’s Bank of China (PBoC) has come near to launch its own government-backed digital currency. According to the reports the forthcoming digital currency has been inspired by Facebook’s cryptocurrency Libra. The deputy director of the bank, Mu Changchun, announced that they are about to launch the digital currency after a research and system development since 2018. If everything goes according to the plan, CBDC may launch the digital currency before the Libra.