Huawei CEO: China Can Issue Its Own ‘Libra’ Instead Of Waiting For Facebook

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.