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Huawei CEO Wants China To Launch A Facebook Libra Competitor

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Ren Zhengfei - Huawei CEO on Libra competitor
Image Courtesy Financial Times

Since the announcement of Facebook Libra, there has been a lot of buzz surrounding the digital currency. With Facebook putting out the cryptocurrency as a solution to emerging markets but governments, including Kenya’s Central Bank, raising red flags over the whole affair touting regulatory issues.

As the world is still being mesmerized by Libra and a number of scammers ready to roll with it, Huawei’s CEO, Ren Zhengfei, has spoken out and asked the Chinese government to launch their own cryptocurrency to rival Libra.

The CEO spoke this during an interview with Italy’s publication L’economica, where he was asked on Libra’s link to the U.S. dollar and the possibility of Chinese financial institutions being included into the Libra consortium.

“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,” said Ren Zhengfei (translated from Italian).

According to his remarks, Ren believes that China’s cryptocurrency will be of more value than Facebook’s. However, his calls for the Chinese government to release its own Libra competitor might be sort of a tough ball considering China as a state hasn’t really been that welcoming to such technologies – cryptocurrencies had been banned for a while in the country.

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There’s also the potential for an incoming crypto-war as tech giants race to control this rather untapped market and governments try to maintain control over currencies. Facebook’s Libra is on the spot because people don’t really trust the company and China’s solution is likely to face the same fate, especially from the U.S.

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