China Sees Threat in US Blockchain-based Digital Currency for Alipay and WeChat
Main page News, US, China, Facebook, Blockchain, Libra

China admits technical threats that the US-based companies can bring for Alipay or WeChat though a blockchain-based digital currency, The Block has learned.

Former Chairman of China Construction Bank Hongzhang Wang said China initially relied on mobile payment to get ahead, but tech companies like Libra have the potential to change the game again.

"This [currencies like Libra] would allow US companies to build a digital currency system through blockchain technology, which could threaten or even surpass Alipay or WeChat Pay," Wang added.

Wang highlights China can not face with new risks "by discouraging technological developments."

Despite the fact that Facebook is trying to stay away from its Libra blockchain project by rebranding digital wallet from Calibra to Novi, the social network's crypto-related product is gaining weight on the digital assets market.

Previously iHodl reported that the Libra Association hired Robert Werner as its General Counsel.

China's Largest Tech Conglomerate to Invest $70B in New Infrastructure, Including Blockchain

Previously, Werner served at the highest levels of the US Department of the Treasury as the Director of the Financial Crimes Enforcement Network (FinCEN).

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