Huawei CEO thinks China is Better than Facebook in Issuing a Cryptocurrency

The CEO of Huawei, the largest smartphone manufacturer in China, said that China should issue cryptocurrencies in a recent interview with various Italian media.

Facebook and US government want world domination?

During the interview, Italian journalist Fabio Savelli asked CEO Zhengfei Ren various questions about Libra. One of the questions was what Ren’s thoughts are on Facebook’s Libra. Does he think this is an attempt by Facebook and the US government to maintain world domination?

CEO Zhengfei Ren replied that “China can also issue a currency such as Libra. Why wait for someone else to spend it? The power of a country is greater than that of an internet company. “

Huawei active in blockchain

Meanwhile, Huawei itself has been actively looking for opportunities in blockchain technology for years. In 2016, the company became one of the first members of the Financial Blockchain Shenzhen Consortium. Huawei then joined the Hyperledger consortium led by the Linux Foundation. In 2018, the company published a white paper from the Huawei blockchain, built on top of its proprietary cloud platform.

In addition to Huawei, other well-known technical giants from China, including Alibaba, Tencent and Baidu, all launched their own blockchain projects. Alibaba and Tencent in particular are active. These are the parent companies of Alipay and WeChat Pay respectively. These two payment services are generally regarded as major barriers to the successful launch of Libra in China.

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In response to Facebooks Libra

In fact, shortly after Facebook announced its cryptocurrency plan, Tencent’s CEO, Pony Ma at WeChat said that “the blockchain technology is mature enough and it is not difficult to build your own cryptocurrency. But the most important point is whether the regulators would allow this. “

As a result of Facebook’s Libra project, the People’s Bank of China (PBoC) is also busy developing its own cryptocurrency. Although, they are still working out the plans. Wang Xin, director of the PBoC research firm, said that the central bank began to study digital assets in 2014 and paid much attention to Libra.

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