According to the local publication Sina, Huawei's CEO Ren Zhengfei believes that the Asian country could perfectly develop a cryptocurrency with similar features to Libra's.
Zhengfei thinks China should not wait for the U.S. giant to launch its stablecoin, but rather roll out its own currency in order to compete for market share.
He said:
"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."
We must take into account that the statements made by the leader of Huawei are related to the concern of the Central Bank of China, the People's Bank of China (PBoC), that Facebook's crypto might represent a threat to the country's economy.
China is not the only country concerned about the consequences of Libra. Shortly after the project was officially launched, which happened on June 18, regulators around the world started to express their concern about Libra. Why? Basically because Facebook is not just another startup that wants to launch a new currency to the market. The social network has a huge user base, so all its projects have an enormous potential, and Libra is not an exception.
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