The Chief Executive of telecommunications giant Huawei has stated that the Chinese government could easily make a pre-emptive move on Facebook’s Libra project.
In an interview with L’economia an Italian media outlet, Ren Zhengfei, Huawei’s CEO noted that China can and has the capability to conduct a project in-line with Facebook’s.
He was asked a question about U.S. global hegemony and Facebook’s issuance of an international currency specifically. On the subject Ren was quoted as saying ‘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.’
Huawei have already advanced their stance on the world of crypto which includes the release of a blockchain based cloud service and by joining the Hyperledger consortium. The latest statements do not necessarily mean that Huawei intend to stand ‘toe-to-toe’ with Facebook but Ren did highlight the technological supremacy of the Chinese state in this area.
Previously the People’s Bank of China hired blockchain experts in order to help widen its distributed network investments. At the time it was said that these would be useful for large scale transactions and more recently, members of the bank have voiced concerns over the Libra deployment in relation to its potential negative impact on the country’s economy. In contrast, the head of research at the people’s Bank of China, wang Xin has stated that Libra could be a positive and spur the country into motion and potentially create their own National cryptocurrency.