ALTCOIN, BLOCKCHAIN

Huawei to Launch Cryptocurrency to Compete with Facebook

Huawei CEO Ren Zhengfei has stated he would like to issue a cryptocurrency to compete with Facebook’s Libra, during a recent interview with Italian news agency, Corriere della Sera.

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Ren Zhengfei
Ren Zhengfei

“China can also issue such a currency by itself,” Zhengfei said.

“Why wait for others to issue it? The power of a country is always stronger than an Internet company.”

Earlier this month, China’s central bank, the People’s Bank of China (PBoC), stated Libra may pose a threat to China’s economy.

Wang Xin, director at PBoC, said that if Libra is pegged to mostly the U.S. dollar, China would be at a disadvantage.

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

Last week, US policymakers cross-examined Facebook executives to get a better understanding of the Libra cryptocurrency.

Many in the crypto industry have been critical of Congress, claiming policymakers are repressing the new product without knowing all of the details.

“We’re putting regulation before the innovation,” said tech billionaire Tim Draper, during an interview with CNBC.

“Facebook just announced Libra. They haven’t even been able to ship it yet, and the regulators are all over them.”

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