Alvin Chua, this makes sense because BitCoin doesn't have a central bank or government supporting it and Facebook's currency is controlled by a private company. The digital Yuan probably will be useful and may be seen as more credible than the alternatives as you point out. However, people outside China may be scared because Trump and the US often claim China artificially manipulates their currency value to make their exports more attractive. If the reason money has any value is because of people's trust in the issuers or legitimacy of money, then they'd choose Bitcoin if they don't want a central bank supporting it, Facebook's new Libra if they trust Facebook a private company or China's Digital Yuan if they believe in China. I think Singapore should issue a cryptocurrency instead because everyone trusts Singapore.