China can Release its Cryptocurrency, not Inferior to Libra

The CEO of Huawei Technology Corporation, Ren Zhengfei (Ren Zhengfei), said that China could issue its own digital currency and compete with Facebook for market share.

At the July 18 press conference, Zhengfei said that it would not be too difficult for China to issue its own digital currency, which would in no way be inferior to the stable of Libra.

“China has every opportunity to release its digital currency, without waiting for someone else to do it. In addition, a separate Internet company will never be stronger than the whole country. Especially if it is China, ”he said.

Earlier this month, the head of the People’s Bank of China Research Bureau, Wang Xin, said that the Libra project creates high risks for the traditional financial system and thus forces the Central Bank to devote more resources to developing its own digital currency.

“We cannot allow a situation in which the US dollar will be the only major currency, and America will become the boss in the financial world. Such a development could lead to a series of economic, financial and, in a sense, international consequences, ”he said.

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At the same time, Xin noted that despite the fact that the Central Bank of China has been developing its own digital currency for several years, it is not yet possible to talk about its launch soon.

“We have long been developing our own digital currency, but despite this, there is still a lot of work to consolidate our dominant position,” he said.