Libra is trending in China currently despite the fact that most of the western altcoin news outlets and Facebook itself is banned in the country. The Chinese citizens found themselves closely monitoring the drama about the Libra crypto project which is extremely strange so let’s find out more about this.
The Chinese commentator on cryptocurrency Cn Ledger stated a few days ago that the data from Google Trends suggests that Facebook’s Libra is a popular term in China. He writes that the United States uses on the internet are about 10% interested in the previously mentioned term, unlike the Chinese internet users. What is extremely weird is that Google is technically banned in the country which makes the statistics even more potent.
Libra is trending not only in China and Google searches but also on Weibo too. The crypto venture capitalist and Bitcoin philanthropist Dovey Wan pointed out that Libra is now the second-largest trending topic on the Twitter-like platform. She added that according to the data from Weibo, the topic saw about 220 million views and also thousands of comments. According to Wan, this trend is easily explained. She writes that this attention bomb in China was mainly due to David Marcus’ mention of Alipay and WeChat Pay which are the most straightforward digital payment ecosystems in the country.
During Wednesday’s hearing, the head of the blockchain at Facebook explained that Libra should reach the market and if that happens, it will compete with the two Chinese payment services. However, many Weibo users were quick to react to that trending topic and the comment section mainly outlined that the people don’t expect Libra to succeed let alone steal some of WeChat’s market share.
The people’s Bank of China is also less pessimistic about Libra’s chances and they even revealed plans to launch a central bank digital currency in order to respond to Libra. This could show that the financial authority sees the cryptocurrency as a threat. According to the previous reports, the head of research at the People’s Bank of China Wang Xin stated that Libra could affect international financial stability and also affect the Yuan. What he is fearing the most is that the cryptocurrency will be mostly backed by the US dollar which will give the United States more influence over politics and finance as noted in the latest cryptocurrency news reports.
Galaxy Digital Blames Libra For $68 Million Loss In Q3
“Whether one points to Trading’s OTC market share gains and entry into the structured and derivative product markets, Asset Management’s launch of the new bitcoin funds, Advisory Services’ successful work on two IPOs on the NYSE and Nasdaq, or our Venture and Principal Investment teams’ continued and acute focus on portfolio management and positioning, the second half of 2019 has seen the company leverage our relationships and insights to improve our standing in the digital assets, cryptocurrency and blockchain technology industry.”Galaxy trashed Facebook's crypto project Libra suggesting that the stablecoin’s influence on the market sentiment damaged the entire investment ecosystem and even reduced the market activity. Mike Novogratz believes that this could be attributed to several factors including a geopolitical and regulatory uncertainty stemming from Libra as it was reported for months before.
US Lawmakers Want To Classify Stablecoins As Securities Including Libra
“Managed stablecoins, such as the proposed Libra, are clearly securities under existing law. This legislation simply clarifies the statute to remove any ambiguity.”The co-sponsor of the bill, Rep. Gooden, also explained the sentiment that the Congress will take the lead in shaping the legal landscape for all cryptos and the digital space overall. According to Gooden:
“It’s the responsibility of Congress to clarify the regulatory framework that will apply to stablecoins, especially now that mainstream institutions are offering them to consumers.”The Libra association commented on the proposed bill and Dante Disparte, the head of policy and communications noted:
“We maintain that responsible financial services innovation and regulatory oversight are not in contest. The Libra payment system is designed from the ground up to serve as a payment infrastructure that can empower billions of people left on the margins of today’s networks. The Libra Coin is simply a proxy for an instantaneous payment system that is low friction and high trust.”
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Libra Crumbles As Facebook Launches Its Alternative Payments Platform
“Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network,” the social media giant noted.Jake Chervinsky who is known as the General Consul at Compound Finance also had his say:
“Facebook Pay sounds an awful lot like an admission that Libra is dead in the water.”All of this confirms that Libra crumbles and Facebook is trying to get in the mind of its potential customers with new innovations. As the billionaire Zuckerberg and head of the company said, Libra is not the threat - China's proposed crypto yuan may do a lot more damage to global finances and dollar domination.
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