China's Central Bank Says Facebook's Cryptocurrency Must Be Supervised

Facebook Inc.’s push to create its own cryptocurrency, called Libra, must be put under the oversight of monetary authorities, according to a senior official from China’s central bank. As a convertible crypto asset or a type of stablecoin, Libra can flow freely across borders, and it “won’t be sustainable without the support and supervision of central banks,” Mu Changchun, deputy director of the People’s Bank of China’s payments department, wrote in comments provided to Bloomberg.