Huawei CEO Believes A Chinese Stablecoin Can Compete With Libra

Huawei CEO Believes A Chinese Stablecoin Can Compete With Libra

The CEO of Huawei, one of the leading technology companies in the world, has put his confidence behind the idea of a Chinese digital currency.

Ren Zhengfe believes that such a coin, that would be backed by the Chinese
Renminbi could rival the highly anticipated Project Libra that is due to be offered next year by social media giants, Facebook. Believing that such a coin, the foundations of which do not even exist, could rival the value of Project Libra.

He explained that “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,” This is a response made by the central bank of China that Project Libra could pose a threat to China’s economy, the 2nd largest in the world. A view shared by numerous other governments across the globe.

However, while there were some murmurings about a Chinese digital currency, concentrate plans are far from set in motion. With this merely being an assumption. Albeit from a very respectable source.

This, of course, comes at a time when fellow nations in Asia, have shown more support for Facebook’s project. With Bank of Thailand’s Governor admitting he would be interested in opening discussions with Facebook. While Monex, a large financial services company today expressed they would like to join the Libra Association.

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