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Will there be a Chinese Libra coin before Facebook's one?

Will there be a Chinese Libra coin before Facebook's one?

July 26, 2019 | AtoZ Markets – The Chinese giant technology Huawei believes that China can compete with Facebook to gain market share by issuing a Chinese Libra coin before Facebook does even.

As per Sina, the national newspaper, citing a press conference in Italy on July 18, Ren Zhengfei believes that issuing a national crypto will not be difficult to China, making it in parallel in value with the Facebook 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,” said Zhengfei in response to a question by Italian economist Fabio Saveli.

The comments come over concerns China’s central bank, PBoC, showed, that Libra could pose a threat to the country’s economy in some respects.

Earlier this month, PBoC director Wang Xin had said that if the Libra is mainly linked to the US dollar, China would be at a disadvantage, saying “If so, it will lead to a series of international political, economic and financial consequences.”

Facebook Libra has recently stirred a wave of controversy between congressional representatives, lawmakers and regulators.

Investigations over Facebook’s Libra coin to scrutinise impact and compliance

Recently, U.S Congresswoman Alexandria Ocasio-Cortez addressed Calibra wallet CEO David Marcus, asking, “Why should these activities be consolidated under one corporation?”, in a congressional hearing to investigate the upcoming Facebook crypto coin, and the cons and pros of it being in the financial market, over concerns the coin would weigh down on other sovereign currencies.

It is worth mentioning that the U.S congress had made a de tour in its financial regulations, saying it intends to change the cryptocurrency regulation labels, as AtoZ Markets reported in December last year.

Warren Davidson, R-Ohio and Darren Soto, D-Fla, had introduced on Dec. 20th a bill for excluding digital currencies from being defined as a security, which sounds to have come in response to voices that started to raise saying that the industry’s law is today outdated and needs amendment, as per media reports.

 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.