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China takes battle for cryptocurrency hegemony to new stage

Beijing backs private-sector-led East Asia digital money in challenge to US

At a meeting of the Chinese People's Political Consultative Conference in Beijing in May, members proposed a plan to create an East Asia digital currency based on a basket of Asian currencies.   © Kyodo

TOKYO -- Global competition for supremacy in digital currencies has entered a new phase with China's creation of an East Asia cryptocurrency scheme and American social media company Facebook adjusting its Libra plan in line with the stance of U.S. regulators.

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