Altcoin News: Huawei CEO: Why Wait? China Itself Can Release Its Own Libra

July 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Ren Zhengfei, CEO of Huawei Technology Corporation, believes that China will be able to compete with Facebook for market share by releasing its own cryptocurrency, national news outlet Sina writes.

Zhengfei spoke at a press conference in Italy on July 18, where he stated that China could issue a digital currency without any problems, with the same advantages that it intends to offer Facebook via stablecoin Libra.

“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,” he said.

Earlier this month, the head of the PBoC Research Bureau of the People’s Bank of China, Wang Xin, said that his department might be forced to speed up the development of its digital currency against the background of the Libra announcement.

“If so, it would bring a series of economic, financial and even international political consequences,” he claimed.

At the same time, Xin noted that the long-term development of the Central Bank of China still does not allow talking about the imminent launch of digital currency.

“We had an early start … but lots of work is needed to consolidate our lead,” Wang Xin said before.

Author: Marko Vidrih