Libra's China Version?

[shadow.bishop]

Founder of Huawei: China can just issue our own version of Libra. Why should we wait for others to do it? The power of a country is always stronger than that of an Internet company.

Source;
https://twitter.com/cnLedger/status/1154587454369755137

[ZionRTZ]

Of course they can, they have all the resources they need. Many Chinese citizens are already fine with the digital currencies and they probably would not mind using a stable coin supported by their government. The question is, will it be accepted in many other countries?

[Bobcrypto]

Founder of Huawei: China can just issue our own version of Libra. Why should we wait for others to do it? The power of a country is always stronger than that of an Internet company.

Source;
https://twitter.com/cnLedger/status/1154587454369755137

Hello friend, this information has no details, it is just a tweet where people are making defferent comments. Please come up with the detail NEWS of this project plus more facts. Thank you

[bountyecrire]

I don't think this source is legit, but of course China and Russia will make their own stablecoin to use in their business. If more money comes out from USD and go to crypto, that weakens USA's hand and China will like that for sure.

[Zed0X]

They are definitely capable of creating their own crypto that will rival libra. I don't think it is necessary though.

 For those looking for an English article
https://www.coindesk.com/huawei-ceo-calls-on-china-to-create-a-rival-to-facebooks-libra-crypto

Hello friend, this information has no details, it is just a tweet where people are making defferent comments. Please come up with the detail NEWS of this project plus more facts. Thank you

Did you actually read the tweet? I wonder how you completely missed the article attached on that tweet.

[zendicator]

Here we go again. China is making moves. If Huawei will create their own cryptocurrency, im sure this is the first time that a phone company will have their own token and they will surpass samsung because samsung only has a crypto wallet. however, I dont think they can compete with Libra because there are billions of users of facebook.

[mimikri]

Of course they can, they have all the resources they need. Many Chinese citizens are already fine with the digital currencies and they probably would not mind using a stable coin supported by their government. The question is, will it be accepted in many other countries?

China can release it but it will not work with the other countries. If you remember, Huawei has got problems with many countries. It is not supported by Google also. Libra has a better future.

[Peter90]

Of course they can, they have all the resources they need. Many Chinese citizens are already fine with the digital currencies and they probably would not mind using a stable coin supported by their government. The question is, will it be accepted in many other countries?

There you go Zion 
The article doesn't use the word Stablecoin, but you are right, it can't be but a stablecoin.

The People’s Bank of China (PBoC) is almost ready to launch its government-backed digital currency

After five years of research and system development work since 2018, the PBoC is almost ready to launch its CBDC, the deputy director of the bank’s payments unit Mu Changchun revealed at a forum last week.

While not revealing specific names, Yang indicated that the next round of CBDC trials will involve both the central bank and private- and state-owned firms and will focus on non-governmental and cross-border applications.

China UnionPay chairman and former PBOC official Shao Fujun told China Daily that the CBDC “will have lots of positive impacts, including tracking the money flow in economic activities and supporting making monetary policy."

China’s digital legal tender will be controlled by the PBoC and 100% backed by the reserves commercial institutions pay to the institution, an unnamed central bank official indicated. Citizens will be able to exchange the currency in commercial institutions.

https://cointelegraph.com/news/china-is-racing-to-launch-a-digital-currency-ahead-of-fbs-libra

[Bobcrypto]

One thing of note here is that Libra from Facebook is much expected in the market than any other similar coins as libra. Chinese libra, a planned stable Libra may not make any impact as long as the actual Facebook libra coin has not launched yet. Facebook has the capacity to dominate any other libra stable coin if it overcomes it current challenges with its heavy community influence as added advantage.

[Peter90]

One thing of note here is that Libra from Facebook is much expected in the market than any other similar coins as libra. Chinese libra, a planned stable Libra may not make any impact as long as the actual Facebook libra coin has not launched yet. Facebook has the capacity to dominate any other libra stable coin if it overcomes it current challenges with its heavy community influence as added advantage.

Maybe you are right Bob.
Just some speculation from me:

a) Within China there will be no Libra.
China's population is bigger than North-America and Europe put together.
Chinese are much more used to use digital money than NA and EU.
That means, the transaction volume of the Chinese CBDC (Central Bank Digital Currency) could be higher than that of Libra.
Let's not forget, CBDC would be supported by the Chinese monetary authorities (Central Bank, Banks, governmental agencies...), while Libra, even if approved, wouldn't be supported by any monetary authority.


b) China is the world exporting Superpower.
Imagine Chinese exporting companies starting to ask to get paid not in US dollars, not in Euros... but in Yuan.
In this case, DBDC would offer all benefits of the blockchain: speed, low costs, security etc.
Of course banks would be involved too.

Moreover, imagine the Yuan becoming enough strong as a currency that companies around the world selling to China, they want to get paid in Yuan.
For the same reasons mentioned, they could be paid with CBDC.
So, now you have - at least at business level - this Chinese Stablecoin being used not only within China but also internationally.


c) Imagine an app that allows every Chinese tourist, student, businessman, holidayer etc. in, say, the USA, to convert in real time, at point of sale, his/her DBDC in US dollars. (Same story in Europe with euros, Argentina with pesos etc.)
So, now you have this Chinese Stablecoin being used internationally, by millions of people, in order to buy good or services.


d) Imagine if CBDC transaction fees are lower than Libra transaction fees.
Imagine if CBDC conversion fees (CBDC coins <--> fiat currencies) are lower that Libra conversion fees (Libra coins <--> fiat currencies).
So, now you have millions of not-Chinese using the Chinese Stablecoin instead of Libra.

 

[Fenix]

I agree that the Chinese stable coin CBDC can be much more in demand and more popular than Libra. China now produces a lot of cheap and high-quality goods that it supplies to various countries of the world. If the calculations are in their stable coin, then the demand for it will be huge.

[atang sulaeman]

Of course they can, they have all the resources they need. Many Chinese citizens are already fine with the digital currencies and they probably would not mind using a stable coin supported by their government. The question is, will it be accepted in many other countries?

the Chinese government will definitely introduce it to its people and if a stable coin is created surely the people will accept it if they profit.

[Alcor]

I agree that the Chinese stable coin CBDC can be much more in demand and more popular than Libra. China now produces a lot of cheap and high-quality goods that it supplies to various countries of the world. If the calculations are in their stable coin, then the demand for it will be huge.

I would trust the Chinese CBDC much more than the Libra coin from Facebook. It seems to me that this coin will have a good perspective. Now China produces many cheap and already high-quality goods, many of which are sent by mail. This coin would be a very convenient form of payment in this case.

[Danus]

Founder of Huawei: China can just issue our own version of Libra. Why should we wait for others to do it? The power of a country is always stronger than that of an Internet company.

Source;
https://twitter.com/cnLedger/status/1154587454369755137

good twitter. Good Libra. Cnht token of China

[WhiskeyHoney]

Countries like China are always up for this kind of thing. I don't mind it but I wonder how it can affect the world of cryptocurrency in general