Huawei CEO Calls on China to Create Competition to Libra

Huawei CEO Calls on China to Create Competition to Libra

Huawei’s CEO Ren Zhengfei suggests that the Chinese government create an alternative to Lirba before it is too late. He said this during an interview with L’economia. Ren believes that China has the resources for such a large-scale project. He was asked about the global hegemony of the United States and, in particular, about the release of the Libra cryptocurrency, and he replied so:

“Even China is able to issue such currencies, why wait for Libra? The strength of a state is greater than that of an Internet company.”

It is worth remarking that Huawei has achieved significant success in the blockchain technology, including joining the Hyperledger consortium and has released a cloud service supported by this technology. But Zhengfei did not focus his attention on this; instead, he pointed to the achievements in this area achieved by the government of the PRC. For example, in May of this year, the People’s Bank of China hired experts on the blockchain to expand its investment in this area. In addition, some experts said that the release of Libra could have a negative impact on the country’s economy. Wang Xin, head of the research bureau of the People’s Bank of China, said that competition could induce the country to issue its own national cryptocurrency.

A few weeks after the presentation of the Libra, the Chinese began to look for information about this project within the Chinese counterpart of Google – Weibo very often. And this is despite the fact that Facebook has been officially banned in the PRC since 2009.

We want to remind:

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