The head of one of the leading tech companies in China has recently spoken against Facebook’s Libra and its delayed launch – which is how he got featured in our coming altcoin news. The Huawei CEO thinks that China can definitely compete with Facebook for market share by issuing its own digital currency.
Featured on the news outlet Sina and many other best cryptocurrency news sites afterwards, Ren Zhengfei believes that China can easily create a digital currency with the same value proposition such as Facebook’s Libra coin. As the Huawei CEO said while responding to a question from one Italian economics journalist:
“China can also issue such a currency by itself. Why wait for others to issue it? The power of a country is always stronger than an Internet company.”
These comments are very interesting and a hot topic in the latest cryptocurrency news, mostly because they follow the concerns from China’s central bank (the People’s Bank of China or PBoC) in which they shared that Libra could pose a threat to the country’s economy in some respects.
As other sites reported, the PBoC director, Wang Xin, spoke about Libra earlier this month and said that it is mostly pegged to the US dollar – which puts China at a disadvantage.
“If so, it would bring a series of economic, financial and even international political consequences,” he noted.
Meanwhile, Beijing is reportedly in the process of developing a digital currency on its own – something that goes in line with what the Huawei CEO said and how he sees the crypto ecosystem within the country. However, the exact details of the use cases of this cryptocurrency still remain unknown.
The United States is still on the horizon in our altcoin news. According to the latest updates, the country is still gripping Facebook’s offering after the cross-examining executives reviewed it at the Congress last week. Libra remains unreleased yet, which brings a lot of criticism from the cryptocurrency industry that lawmakers are now attempting to stifle a new product before it even exists.
“We’re putting regulation before the innovation — Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,” the prominent investor Tim Draper told CNBC in an interview a couple of days ago.
Chinese Crypto Czar: Facebook’s Libra ‘Might Be Unstoppable’
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PayPal Has Same Banking Ambitions With Facebook’s Libra
“The goals and ambitions of Libra are very consistent with PayPal’s overall ambitions in terms of serving the underserved, democratizing access to capital.”She pointed out that the position of the company on the matter is that they do believe in the potential of Libra. It is safe to say that the Libra association and project could use some words of encouragement and support as the times have been better for the project. For example, France’s economy and finance minister Bruno Le Maire noted that the country will block the project in the entire EU because of the major concerns about threatening the sovereignty of the national currencies. Also, the head of blockchain policy ad Germany’s Christian Democratic Union Thomas Heilmann noted that the government will reject projects such as Facebook’s Libra. Despite all that negativity around the project, the social media giant pushes with their idea forward and with the development of the project as well. According to Bertrand Perez who is the general director of the Libra Association, they will likely launch the crypto project at the end of 2020 as per the reports in the latest cryptocurrency news.
Facebook Libra To Launch In H2 Of 2020: Libra Association Chief
“We don’t want to become a new BlackRock,” Perez told Les Echos. "That’s why these concerns about the destabilizing effect our reserve currency could have on central banks’ fiat currencies — which figure in our basket — seem unfounded to us.”Facebook Libra to launch in 2020 is already one of the hottest topics on many best cryptocurrency sites. Perez confirmed this and said that upon launch, Libra would be tied to a selection of major world currencies - but not the Chinese yuan. As we reported in the coming altcoin news before, Beijing is putting the finishing touches to its own digital currency. Meanwhile, central bank officials heard the news about Facebook Libra to launch in 2020 - and voiced direct worries of their own about Libra and its backing. Nonetheless, Perez remains confident that all of the regulatory hurdles will be solved before the launch by Facebook. As he concluded:
“The year we’ve taken prior to release will allow us to iron out all the problems.”
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