The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

JP Morgan is responsible for the institution, and Libra assists retail investors,” said Jason Qiao. “This is the right-hand man of the US dollar hegemony, which will be a big challenge to China’s future central bank digital currency. "

Yesterday, blockchain media The Block quoted people familiar with the matter as saying that the Libra Association is considering abandoning its plan to anchor a basket of currencies and instead use a currency model backed by the U.S. dollar.
Jason Qiao, a former director of JPMorgan Chase Bank, said in an interview with BiTui that this is the first thing Libra must do to succeed.

In October last year, Bitui reported that David Marcus, Facebook’s Libra project director, said that Libra might abandon a basket of legal currencies tied to the U.S. dollar. Over the past few months, PayPal,
Visa, Mastercard, Ebay and Stripe have all announced their decision to withdraw due to regulatory concerns. Libra also faces huge regulatory challenges from various countries.

"Sooner or later, it should be a matter of time for Libra to be backed by the U.S. dollar," Jason Qiao told BiTui. "If you don't change this, it will be a dead end. Cross-sovereign currencies, even the euro, are difficult to cope with. Libra
It's even more impossible. "

Jason Qiao believes that Libra’s plan to start anchoring a basket of currencies shows Facebook’s
The team’s lack of understanding of monetary policy. The euro is a cross-sovereign currency, and its success requires each member state to give up part of its fiscal and monetary policy independence. In other words, the power of the European Central Bank is greater than that of the central banks of the member states. And no central bank of a sovereign country will tolerate Libra overriding itself.

And it doesn’t make much sense for Facebook to anchor a basket of currencies. Bitcoin is considered digital gold, and its most fundamental significance is to restrict the central bank from issuing money indiscriminately. Facebook
With 2.7 billion users, the main purpose of issuing digital currency is to make the circulation of funds more convenient and faster. Switching to a single currency support will make it easier to succeed.

Will Libra anchor the US dollar strengthen the hegemony of the US dollar?

“This is certain,” Jason Qiao said, “2.7 billion users can use Libra to
Carry out international capital circulation and exchange, and Libra, as a stable currency backed by the US dollar, has its own clearing system with 1 US dollar to 1 Libra. "

International capital flows now generally take 4-5 days and are extremely expensive. If Libra is used, the flow of funds between different countries only takes a few seconds to complete the transaction with extremely low fees.

JPMorgan Chase has also launched the digital currency JPM Coin, which is responsible for settlement between banks and financial institutions. Strengthening the hegemony of the institutional dollar.

"JP Morgan is responsible for institutions, and Libra assists retail investors," Jason Qiao said. "This is the right-hand arm of the US dollar hegemony. This will be a big challenge for China's future central bank digital currency."