As an important participant in the global digital currency market, China must respond cautiously when facing the rise of Libra. First, let’s look at Libra’s potential impact on China.

Libra is a digital currency launched by Facebook, and the technology and mechanism behind it have attracted much attention. As a global leader in digital payments, China must carefully assess the possible impact of Libra. As Libra is promoted globally, China's digital payment market may face competitive pressure. China's payment giants such as Alipay and WeChat Pay will face international competition from Libra, which is a brand new challenge for China's digital payment industry.

In addition to competitive pressure in the field of digital payments, Libra may also have an impact on China's financial system and regulatory framework. As a transnational digital currency, the launch of Libra may trigger changes in global financial supervision, which will bring certain challenges to China's financial supervision. China needs to strengthen cooperation with international regulatory agencies to better adapt to the development trend of global digital currencies.

However, just like the two sides of the coin, the rise of Libra also brings some opportunities to China. First of all, as a global digital currency, the promotion of Libra may promote the popularity of digital currency around the world, which will provide more opportunities for the internationalization of China's digital currency. China can learn from Libra's technology and experience to promote the digitization of the RMB and enhance the RMB's status in the international monetary system.

In addition, the launch of Libra will also promote the development of blockchain technology and provide new opportunities for innovation in China's blockchain industry. As the global leader in blockchain technology, China can accelerate the application of blockchain technology in finance, supply chain and other fields through cooperation with Libra, and promote the development of China's blockchain industry.

When facing the challenges and opportunities of Libra, China needs to formulate corresponding countermeasures to better adapt to the development of the digital currency era. First of all, China needs to strengthen the research and development and innovation of digital currency, promote the digitalization process of RMB, and enhance the status of RMB in the international monetary system. Secondly, China needs to strengthen cooperation with international regulatory agencies and establish a more open and transparent financial regulatory framework to better adapt to the development trend of global digital currencies.

In general, the rise of Libra has brought challenges to China's digital currency field, but it has also brought opportunities to China. China needs to carefully assess the impact of Libra on China and formulate corresponding countermeasures to better adapt to the development of the digital currency era. By strengthening the research and development and innovation of digital currency and strengthening cooperation with international regulatory agencies, China is expected to seize the opportunity in the digital currency era and achieve new breakthroughs in the digital economy.

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