Cryptocurrency is a revolutionary concept which possesses the power to impact the economies all over the world. Various countries have started to see this new digital gold 2.0 as a catalyst to surpass the hyperinflation concerns, which is eating the financial systems internally. However, the regulators are not in favor to opt a foreign cryptocurrency and instead, they want to have their country-specific cryptocurrency, to fight against the inflation, and to save the country’ economy from the negative impact of Libra. 

No doubt, after Bitcoinwhich is the first and leading digital asset, Facebook has the competence to dominate the world due to its massive and over 2 billion user base platform.

For instance, in 2009, China has already banned the social media platform from the country and reportedly, after the announcement of Facebook’s Libra white paper, the enthusiasm towards this new stable coin in the country has increased so much so that the search volume on China’s web search giant Weibo had risen steeply. The Chinese public is already so interested in this new project that the ranking of Libra is revolving between 2nd and 3rd level on the top hottest search trends. 

KoinPost earlier mentioned that in a drive to stop the native population to adopt Bitcoin or Facebook’s alleged stable coin Libra, the People’s Bank Of China (PBOC) is planning to launch its country-specific digital asset in the coming times after receiving the approval from the state council. Wang Xin, the director of the PBOC research bureau noted.  

Recently, L’Economia an Italian media outlet published the interview with Ren Zhengfei, a former military technologist and the founder of Shenzhen-based Huawei which is the world’s largest manufacturer of telecommunications equipment and the 2nd largest manufacturer of smartphones. In an interview, when asked about the U.S. dollar hegemony and Facebook’s proposal of a global cryptocurrency to retain it supremacy, the CEO expressed his thoughts over stable coin Libra and in a way tried to aggravate China’s government to obstruct the growth of its impending repercussions on the mainland China by creating its own cryptocurrency, as a rival to Libra.

According to Zhengfei, China owns the aptitude to introduce such an undertaking and enjoy the power while superseding an upcoming international cryptocurrency which is already facing so many issues on anti-money laundering and other regulatory phases by the U.S. policymakers. 

While concluding, Ren mentioned, “Even China can issue such currencies, why wait for Libra? The strength of a state is greater than that of an Internet company.”

Blockchain Jobs In China

Earlier in May, news broke out about the hiring process which PBOC’s backed Shenzhen’s Fintech Research Institute has started to employ the blockchain experts through a recruitment website called Lagou.com. The web portal allegedly displayed total 29 job openings out of which 3 openings were specifically mentioned for a senior technical expert, who would handle the development and optimization process for the distributed network that would proficiently deliver the “large scale transactions”, a blockchain architect, and a blockchain development engineer.

Image by Free-Photos from Pixabay 

Tags: Cryptocurrency News, Blockchain, Facebook, Libra, Libra White Paper, Stablecoins, PBOC, Inflation, Huawei, Ren Zhengfei, China, Ban, U.S.