Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital trail, China's mooted e-cash system will be tightly regulated, experts say, and run by the People's Bank of China, the central bank.
Bitcoin fell to over 3 month low on September 25. Analysts blame new Bakkt Bitcoin futures contracts.
The social media giant unveiled plans in June for Libra -- which will roll out in 2020 -- to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.
The world's largest social media network announced plans in June to launch a cryptocurrency as it seeks to expand beyond social networking and move into e-commerce and global payments.
Blockchain is developed to resolve the trade-offs of data partitioning and promises to preserve both consistency and availability using different consensus protocols.
The biggest cryptocurrency by market capitalisation was last down 7.6% at $9,936, after touching $9,926 earlier.
Facebook has linked up with 28 partners in a Geneva-based entity called the Libra Association, which will govern its new digital coin, which is due to launch in the first half of 2020.
An increased number of Islamist terror organisations are exploiting and experimenting with digital coin technology for terror financing
The company said it is investigating the situation with the help of a third-party vendor
Govt panel recommends ban on virtual cryptocurrencies, so if you still have some crypto units lying somewhere, we tell you what to do with them
Facebook last month unveiled plans for Libra in an announcement that sparked fears of the unintended consequences of a loosely supervised global currency.
One comes back with a feeling that banning private cryptocurrencies is harsh. Historically, governments barely budged, citing all kinds of fears as they do today
The report also suggests punishment for holding and trading in crypotocurrencies.
Many investors already use computer models to identify, and trade, price differences across hundreds of cryptocurrency trading exchanges.
David Marcus, who oversees Facebook's blockchain efforts, also plans to vow that Libra is not being built to compete with sovereign currencies or interfere with monetary policy.
The original cryptocurrency slumped 10.4 percent on Sunday alone, its second-biggest daily drop this year.
The timing in the shift of destination coincides with Switzerland agreeing to share data of Indians holding Swiss bank accounts with the Indian government.
BITPoint Japan handles various virtual currencies, including bitcoin, ethereum and ripple.
The proposed cryptocurrency has drawn close scrutiny from policymakers and financial regulators globally. Powell said existing rules do not fit cryptocurrencies.
Powell said any regulatory review of the recently announced project should be 'patient and careful,' and he expects the US Financial Stability Oversight Council, a panel of financial regulators, will also review the idea.
Bitcoin touched $12,833 overnight on the Bitstamp exchange, its highest since June 27, before pulling back. It was last up 2.2 percent at $12,560.
Facebook's stock has gone up since the company announced Libra and had planned to include a wallet called Calibra. While facebook defends itself by saying that Calibra's financial data will be separate from Facebook's social data, the company has invited further calls for regulatory scrutiny.
The cryptocurrency from social media giant is an interesting mix of free and fiat currencies. However, niggling doubts over privacy and other issues remain
Bitcoin's volatile journey continues, with the cryptocurrency falling below $10,000, after recently making a high of about $13,400.
The US, Europe and most developed economies already have large, efficient payment systems.