[2019-07-27] Huawei CEO Calls on China to Create a Rival to Facebook’s Libra

[bbc.reporter]

I reckon that this might become another stage accomplished by the development of the cryptospace. First there were altcoins copied from bitcoin, after this came the ICOs. Would the 3rd be the creation of the companycoin and the statecoin?


Ren Zhengfei showing the shape of his coin

Telecommunications giant Huawei’s chief executive has said that the time is ripe for China’s government to preempt Facebook’s Libra.

Speaking in an interview with Italian media outlet L’economia, CEO Ren Zhengfei remarked that China has the capability to pursue such an undertaking. He was asked a question about U.S. global hegemony and Facebook’s issuance of an international currency specifically.

Ren was quoted as saying (according to a translation):

“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.”

Read in full https://www.coindesk.com/huawei-ceo-calls-on-china-to-create-a-rival-to-facebooks-libra-crypto

[hatshepsut93]

You know, actually another country has already released their stablecoin - I'm talking about Venezuela's Petro. Just as expected by many, it turned out to be a complete fiasco. I wouldn't really be surprised if both Libra and any stablecoin created by government would fail because people simply wouldn't use it. Those who understand crypto wouldn't touch them with a 10 feet pole, those who don't wouldn't see any reason to use them, because cash and cards work just fine.

[bbc.reporter]

@hatshepsut93. However, on Facebook it might different. It already has users by the billions waiting to use its own monetary system. It already has this type of advantage over any cryptocoin including bitcoin. Captured users.

[Kakmakr]

Huawei are already under suspicion for the manufacturing of hardware with backdoors in their networking hardware <switches etc.> and it is already banned in the US and the UK.    Would you trust a company with your wealth that are doing things like that? When centralized entities like this control their own currency and they are backed by a government that does mass surveillance on their own citizens, then it should raise the red flags.

Libra vs ChinaCoin would be an interesting matchup, but China will react in the same way as the US regulators, by banning the technology. They will want to protect their local reserve currencies.  

[rodel caling]

It's looks like they scared how libra become stronger and stable coin because of the popularity of facebook, but we need to think first now libra has no value as of now.
Why huawei CEO call attention of china to rival and create coin against libra. We know china is against crypto until now crypto is banned in the China government so why need to convince china to create a new crypto coins just to beat libra.

[hatshepsut93]

@hatshepsut93. However, on Facebook it might different. It already has users by the billions waiting to use its own monetary system. It already has this type of advantage over any cryptocoin including bitcoin. Captured users.

You can't just take users of one product and expect that they will use a new product of the same brand. History has countless examples of companies with recognizable names trying to enter a new market betting on their brand, and then quickly failing. Even better example, we have Russian social media giant Vkontakte who already did what Facebook wants - released their own coin integrated with their platform, and it's not very popular so far.

[Aveatrex]

Huawei are already under suspicion for the manufacturing of hardware with backdoors in their networking hardware <switches etc.>  Would you trust a company with your wealth that are doing things like that?

There is not a single solid proof that Huawei uses backdoors in the infrastructes they sell.

and it is already banned in the US and the UK.   

Australia and Japan too, unfortunately.

Would you trust a company with your wealth that are doing things like that? When centralized entities like this control their own currency and they are backed by a government that does mass surveillance on their own citizens, then it should raise the red flags.

I may agree with you in some points, but Facebook has also raised red flags last year when they sold people's data to third parties (Cambridge Analytica fiasco), even Libra is centralized so to me one is not better than the other.

[Vishnu.Reang]

Ideally Libra should not be allowed in countries other than the United States. It is a centralized currency, backed up mostly by the United States Dollar. The US government can use it as a tool to strengthen the position of USD, against other currencies such as the CNY and RUR. After the recent spate of privacy violations involving FB, this has become very necessary.

[BitHodler]

WeChat & AliPay already dominate digital payment, so it wouldn't be weird if Government create something similar with libra where WeChat, AliPay and other bank/payment service are the members.

I doubt the Chinese government is willing to share such an important slice of the pie with corporate entities. I don't see why China can't set up a national payment network competing with both WeChat and AliPay.

Major benefit for China is that they only need to update a few of their regulations putting these corporate payment platforms at a huge disadvantage. I'm pretty sure they can come up with something to slam down the competition.

Crypto and blockchain don't only benefit the people, but also the government as we have seen. It's only a matter of time before other governments will pull the trigger to create their own payment network.

Back in the days we had one stablecoin, currently we're on our way to having dozens of stablecoins, and in 5-10 years maybe hundreds.

[1Referee]

I don't see why China can't set up a national payment network competing with both WeChat and AliPay.

Their hunger for control doesn't have a limit to it.

It's getting quite scary over there with how China is busy installing super advanced face recognition cameras on every corner of the street to track what people are doing and where they are going. If you combine that with their own financial system they control every aspect of, you are no longer a human but just a number in their database.

In the end, all these stablecoins are a solid reminder for people why Bitcoin is such an important tool. It's free advertising for Bitcoin. Can't complain about that. 

[bbc.reporter]

Huawei are already under suspicion for the manufacturing of hardware with backdoors in their networking hardware <switches etc.> and it is already banned in the US and the UK.    Would you trust a company with your wealth that are doing things like that? When centralized entities like this control their own currency and they are backed by a government that does mass surveillance on their own citizens, then it should raise the red flags.

Libra vs ChinaCoin would be an interesting matchup, but China will react in the same way as the US regulators, by banning the technology. They will want to protect their local reserve currencies.  

Was this proven or is this part of the Trump and the west's attack on China? Sometimes we trust cannot trust any government from any side anymore.

@hatshepsut93. However, on Facebook it might different. It already has users by the billions waiting to use its own monetary system. It already has this type of advantage over any cryptocoin including bitcoin. Captured users.

You can't just take users of one product and expect that they will use a new product of the same brand. History has countless examples of companies with recognizable names trying to enter a new market betting on their brand, and then quickly failing. Even better example, we have Russian social media giant Vkontakte who already did what Facebook wants - released their own coin integrated with their platform, and it's not very popular so far.

What type of social media platform is Vkontakte?

[pishite]

It is possible that the huawei has already created its own cryptocurrency and it is already at the disposal of the state. Moreover, almost 90% of the production takes place in China, the country may simply oblige everyone to pay in their cryptocurrency.