The chief executive officer of Huawei has said that the time is ripe for China’s government to preempt Facebook’s Libra. Huawei is a Chinese telecommunications giant. Huawei CEO wants competition created for Facebook’s Libra. Globalexchange.
CEO Ren Zhengfei commented in an interview with Italian media outlet L’economia, that China has the capability to pursue such an undertaking. His was his response when he was asked a question about U.S. global hegemony in general. Also, Facebook’s issuance of an international currency specifically in particular. Global exchange.
According to a translation, Ren was quoted as saying:
“Even China is able to issue such currencies, why wait for Libra? The strength of a state is greater than that of an Internet company.”
Globalxchange. Though his firm has made significant progress in the blockchain space, Ren was not necessarily looking to take his company toe-to-toe with the social media giant. His aim was to point out the advancements in blockchain technology the Chinese nation-state has made. This including joining the Hyperledger consortium and releasing a blockchain-backed cloud service.
The People’s Bank of China hired blockchain experts in May. Bank representatives said at the time, that it was to widen its distributed network investments, useful for “large scale transactions.” Globalexchange.
Wang Xin, head of the research bureau at the People’s Bank of China, said the competition could propel the country to issue its own national cryptocurrency. That was Xin’s opinion even though some members of China’s central bank have said that Libra’s deployment could negatively impact the country’ economy.
In spite of the fact that Facebook has been banned in the country since 2009. A few weeks after Libra was announced, searches skyrocketed on China’s web search engine, Weibo. Globalxchange.
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