China can easily launch a coin while Facebook is having a hard time

[danherbias07]

It might be a Chinese coin for China only.
Is there already a whitepaper for this?

Libra is different, it will be used worldwide specially facebook can be used everywhere. That is how it will work. The same with Facebook.
Their real problem though is they need to abide by the rules of their origin country which is United States and their president oppose in crypto currencies.
So that will always be a no go.

[1714682709]

1714682709

[alyssa85]

This is one area where I think China has an edge over USA, while we have to admit that Libra is not owned by the USA Government and one of the reasons why they are kicking against it is that it puts too much power in the hands of an individual who isn't part of th Government, I also have to admit that if it were the USA trying to launch their own cryptocurrency, it would take them a while lot of time to think and execute it cos it has to has through many books and go through a bunch of approvals from different arms of Government before it's eventually implemented.

I don't think they have an edge at all.

How many people will trust the new Chinese coin enough to buy it and hold it? It's just another attempt for the Chinese govt to control their population - this time with a crypto that has a public ledge and identities tied to addresses so they can track all money.

[Suharti12]

What coins will be launched by China, I have not seen that. Then, will the Chinese government system all agree if China launches Cryptocurrency coins? because this will automatically compete with the applicable Fiat Money in China ?! I think even though China is a big country, they will not be as easy as you thought when they will issue Crypto coins, there will definitely be pro and contra from various parties.

[spadormie]

China is opportunist and I think what you're saying is really possible. But, you also need to consider the power of SEC. Do you think that they will just let this one out? Or do you think that they confront China for this? I think the first option could be the most likely to happen thing.

[coin-investor]

This is one area where I think China has an edge over USA, while we have to admit that Libra is not owned by the USA Government and one of the reasons why they are kicking against it is that it puts too much power in the hands of an individual who isn't part of th Government, I also have to admit that if it were the USA trying to launch their own cryptocurrency, it would take them a while lot of time to think and execute it cos it has to has through many books and go through a bunch of approvals from different arms of Government before it's eventually implemented.

I don't think they have an edge at all.

How many people will trust the new Chinese coin enough to buy it and hold it? It's just another attempt for the Chinese govt to control their population - this time with a crypto that has a public ledge and identities tied to addresses so they can track all money.

Once it is traded outside of China and big exchange-listed it there, there is a possibility that people will invest in this coin, the whitepaper is not yet out they can still change their mind and opted not to be stable coin to compete with Facebook coin, but we cannot say that it will not be trusted, some people are investing in coins they don't trust, but since it gave them profit, they are ok buying and holding it.

[crazy-pilot]

In my opinion, these coins cannot be compared with each other. How can we compare China's digital money and the Facebook global ecosystem? Who can forbid a country to make its own coin?

[Arkann]

In my opinion, these coins cannot be compared with each other. How can we compare China's digital money and the Facebook global ecosystem? Who can forbid a country to make its own coin?

You are absolutely right, because these are cardinally two different cases.  In addition, the national currency in the cryptocurrency equivalent can in no way harm other countries that are very actively opposing the creation of cryptocurrencies such as Libra.  Creating your own national cryptocurrency is a personal matter for every country.

[xiboothrezi]

Not an apple to apple to compare facebook's cases to China. Even I've never heard China is going to launch their own coin anyway all that is spoken by Xi Jinping is just accelerating the use of blockchain doesn't necessarily saying that China will release their own crypto coin.
What become facebook's problem is that it is a private company trying to issue a currency by their own and could possibly challenge the dominance of USD in the US and worlds. ofcourse the government wil try all they can to stop such a thing from happening they want an absolute control over literally everything.

You are right, it is not comparable when comparing the two. Because both are also backed up by institutions that are completely different, the effect is certainly not the same in the eyes of the world. Who can oppose government policy? that is the right and sovereignty of that country. While Facebook, even though it has a giant community, it lacks as much support as the government's dominance.
Well, it looks like you have to read again about China plans to release cryptocurrency.

[Lagduf]

Libra is different, it will be used worldwide specially facebook can be used everywhere. That is how it will work. The same with Facebook.
Their real problem though is they need to abide by the rules of their origin country which is United States and their president oppose in crypto currencies.
So that will always be a no go.

The government are afraid that Libra could potentially become their own enemy if it goes popular, when so many people uses Libra facebook will have control over economy and Facebook is a corporation therefore letting them having control over the economy is a big disaster in the eyes of Government.

Even if the US government allow the release of Libra people will still doubtful anyway because the fact that facebook is an unstrustable company.

[samcrypto]

China is opportunist and I think what you're saying is really possible. But, you also need to consider the power of SEC. Do you think that they will just let this one out? Or do you think that they confront China for this? I think the first option could be the most likely to happen thing.

SEC under the government of China can easily approve that coin but since Libra coin is a company that US hates the most I think, they will have a hard time to make public their coins and idea. US are showing his power to control their people as well, maybe for their own interest while China wants to take advantage the growing market of blockchain technology for them to survive and be ahead to other nations.

[deadsilent]

Because Facebook Libra have so many enemies. Most of them are on government. What is more likely to happen? Majority of partners of Libra have gone because they don't wanna risk their business. The Libra development was stucked and still on debate. That's the problem when government interferes. I think Libra is impossible to launch for now. While China creates its new cryptocurrency just like that. Because it is supported by the government. The cryptocurrency will launch anytime on 2020.

[mahibul49]

china can launch their coin easily because chinese govt announced this..facebook having hard time because libra is is a threat to US dollar and US govt is in opposite of libra.

[dark08]

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

If you looking on the both side Facebook libra have faced so many enemy that the other side or goverment are afraid on what facebook libra can do if there launch its immediately.
On the other hand we cannot say that China can fully run or launch cryprocurrency but this is a good news for all crypto people.

[LouVandetta]

Wasn't this because President of China itself has approved and announced of it?
And For a third party such as facebook cannot be compared to China's own coin. It all depends on US Government, actually.
Facebook must've faced a hard time with regulation, rules, all those documents that needs to be approved.
As long the government supports facebook, I think they could launch Libra more easily. But, not now I guess.

SEC has so much to think about Libra such as there can be no assurance that Libra or their associated products and services will be made available in a timely manner.

[Beparanf]

Wasn't this because President of China itself has approved and announced of it?
And For a third party such as facebook cannot be compared to China's own coin. It all depends on US Government, actually.
Facebook must've faced a hard time with regulation, rules, all those documents that needs to be approved.
As long the government supports facebook, I think they could launch Libra more easily. But, not now I guess.

SEC has so much to think about Libra such as there can be no assurance that Libra or their associated products and services will be made available in a timely manner.

After announcement of  their president they pursue more their own coin, since it is fully used only in China it will not affect too much the cryptos now since China still bans exchanges it will just be like a normal fiat operating like a token while Libra been facing regulation issues since Facebook been used often and have many supporters that may affect privacies. BTW Facebook still ban in China, they just maybe only want to released their coin before Libra find ways to continue in their plans. Both projects have different take in crypto moves.

[Menawi12]

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

China has a different political system from America so that the Chinese government is more free to carry out movements in any field. Libra as a company in America must comply with American regulations and this makes Libra coin not as fast as the Chinese government in launching coins

[Fatunad]

This is one area where I think China has an edge over USA, while we have to admit that Libra is not owned by the USA Government and one of the reasons why they are kicking against it is that it puts too much power in the hands of an individual who isn't part of th Government, I also have to admit that if it were the USA trying to launch their own cryptocurrency, it would take them a while lot of time to think and execute it cos it has to has through many books and go through a bunch of approvals from different arms of Government before it's eventually implemented.

I don't think they have an edge at all.

How many people will trust the new Chinese coin enough to buy it and hold it? It's just another attempt for the Chinese govt to control their population - this time with a crypto that has a public ledge and identities tied to addresses so they can track all money.

Exactly! That's the main reason why they banned all the exchange and other btc related transactions in their country only to find out that they're planning to make their own coin. It does not make any sense deprieving the people to use btc and other alts just because they want their own to control the people financially. They might seem to have realized how blockchain technology could possibly improve their country's economy.

[joshua123]

US can't interfere with China plans. Yes it is another issue on politics I guess, Mark's project is under US government which is under their direct supervision. This is clearly Libra Project is just been holding by the SEC and Congress. How come they can't support their own member. Cause one thing I'm sure, US protect only those with their best interest unlike China that support their own. They are really one country one team.

[Wintersoldier]

In my opinion, these coins cannot be compared with each other. How can we compare China's digital money and the Facebook global ecosystem? Who can forbid a country to make its own coin?

We don't have a reason why we need to compare China's digital money and facebook currency, they are very independent to each other. And one we can do is to only educated people on how these two massive crypto news will affect the cryptocurrency community. It is really hard for Libra to launch their coin because of their privacy issues, and it is very easy for China to launch their own coin because they are backed by their Government.

[FanEagle]

All the talks this week are all about China launching its own coin, they can easily do that because China's main man Xi Jinping is the one who wants China to create one, while Facebook's Libra coin is having a hard time to convince the Congress to let them launch Libra Coin,

It's different between the two coins, one will launch easily while the other is having a hard time with the regulator
On a positive note, I think China's plan will be considered of those who are opposing Facebook plans to launch their coin but of course, it
will be highly regulated compared to China's coin who will be under the supervision of China's Central bank.

What's your thought on this?

It is totally a different thing entirely, because if you look at the two projects, one is being launched by the government itself, because china is the one in control of the project while the second one is coming from an individual that is trying to influence things because of the money that he has, but that does not make him a government.

If the project of Libra had been designed separately for government, I believe that they would not have been having the challenge they are having right now, but because the whole code thing will be with the Facebook team which is of threat to the government, you don’t expect the government to accept the project just like that and also for the fact that these people are still having some pending unresolved issue with Facebook.