China To Issue Own Cryptocurrency And Rival Facebook's Libra Or US Dollar.

It is long time coming according to many blockchain enthusiasts working with Chinese government to have its own digital money issued by its own central bank. Now with Facebook's Libra plan to launch its own, it just hasten or signal the urgency of releasing a competitor to both Libra and/or US Dollar. China suspects that this will dominate other fiats if they will not do anything about it.

Lately even Huawei's CEO Ren Zhengfei remarked that China has the capability to pursue such an undertaking, he further commented that “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.”

Additionally, while some members of China’s central bank have said that Libra’s deployment could negatively impact the country’ economy, Wang Xin, head of the research bureau at the People’s Bank of China, said the competition could propel the country to issue its own national cryptocurrency.

For more information:
https://technode.com/2019/07/23/china-fast-tracks-development-of-national-digital-currency-in-response-to-libra/
https://www.coindesk.com/huawei-ceo-calls-on-china-to-create-a-rival-to-facebooks-libra-crypto
https://www.scmp.com/economy/china-economy/article/3017716/facebooks-libra-forcing-china-step-plans-its-own

Also watch Michael of Boxmining as he covers this video in China and discussing about the same topic:

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