China Can Issue it’s on ‘Libra Coin’
CEO of tech giant Huawei said that China can launch its own digital currency to compete with Facebook Libra Coin. The news has published by Sina national news agency on 18 July. According to the news, Ren Zhengfei (CEO of Huawei) believes that China can easily create a digital currency that will give a good competition to Facebook Libra Coin.
Zhengfei gives reply to an Italian reporter when he questions about Libra coin:
“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
the People’s Bank of China (PBoC), Central Bank of China said that Facebook Libra coin poses a threat to the county economy.
The PBoC’s director, Wang Xin said that if Libra is pegged by the U.S dollar than this is a disadvantage for China. He further added:
“If so, it would bring a series of economic, financial and even international political consequences”
There are rumours that Beijing is in the process of developing a digital currency for its own still, no more details are announced officially.
Facebook Libra Coin is facing a lot of regulations problems before the actual launch. US congress halts all development for Libra until it gets a green card from regulators.
Tim Draper reacted on this and said in an interview:
“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”
