China plans to launch cryptocurrency that will compete with Libra

Crypto News

Deprived of the US market and some key partnerships such as  Google or Facebook, the technology giant Huawei is now seeking a strong support to reciprocate Donald Trump, responsible for all its ills. Recently , Chinese company CEO Ren Zhengfei announced the creation of a new cryptocurrency like the Libra.

Huawei endorses the creation of a cryptocurrency inherent in the Chinese central bank

Fearing negative impacts on its territory, Huawei , the company registered on the US blacklist has expressed interest in launching a national currency adapted to the Yuan.

In an interview with the media Sina Finance, Ren Zhengfei particularly praised the idea of ​​involving cryptocurrency in the anti-imperialist strategy that he sees from  Libra .

In addition, Huawei’s boss, who has pledged to stand up to Donald Trump’s isolation campaign, said a “crypto Yuan” could go way beyond the Libra by betting on “the power of a country” against a internet company “.

The Central Bank already on the track

Ren Zhengfei’s announcement does not seem trivial given the alarming recent intervention by Wang Xin, the division chief of research at the People’s Bank of China, about the dangers of the Libra.

Indeed, the financier said at a meeting in Beijing that the Libra could destabilize the yuan and international taxation.

For now, the idea of ​​quickly launching a cryptocurrency closely related to the Chinese economy has not been the subject of any official communication. However, China’s intention to overtake Facebook on its project is already worrying officials of the social media giant like David Marcus who said:

“If we do not act, we may soon see a digital currency controlled by others whose values ​​are radically different.”

What do you think about the possibility of creating a Chinese cryptocurrency? Comment in the comments section.

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