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Facebook’s Libra project led Beijing to accelerate its efforts. The government could soon know a lot more about how people are spending.
When Facebook announced plans this year for a cryptocurrency called Libra, it said its goal was to reinvent money for the internet age. What the company probably didn’t imagine was that its efforts might spur China to get there first.
China wants to start replacing the cash that people carry with a digital currency soon, a long-discussed project that went (...)