Huawei CEO believes China can beat Libra to launch native crypto

Billionaire telecoms entrepreneur Ren Zhengfei has claimed that China can beat Libra to the punch by launching its own cryptocurrency

Huawei CEO and founder Ren Zhengfei has responded to Facebook’s planned launch of Libra by stating: “China can issue its own Libra”.

According to Sina, who recorded quotes from a recent press conference in Italy, Zhengfei said that China has the capability of launching its own native cryptocurrency as regulatory uncertainty mounts surrounding Libra.

Libra representative David Marcus faced a series of scathing questions in last week’s US Senate hearing, putting the 2020 launch of the project in jeopardy.

Coin Rivet reported that the project was “hanging in the balance”, according to comments from economist Janice Winterburn.

But the Huawei CEO remained unperturbed, saying: “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.”

The view on cryptocurrencies in China has changed radically since 2017, when the country infamously ‘banned’ Bitcoin and ICOs.

Last week, a court ruling declared that Bitcoin is now a ‘legally protected asset’ in China.

This coupled with the People’s Bank of China’s drive towards a Central Bank Digital Currency (CBDC) reiterates China’s desire to innovate in this ecosystem.

The director of the People’s Bank of China – Wang Xin – said that the launch of a currency like Libra, which uses a basket of currencies mainly comprised of the US dollar, “would bring a series of economic, financial, and even international political consequences”.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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