The Chief Executive of Huawei Technologies, Ren Zhengfei, earlier told the Italian press that the time has come for the Chinese government to launch a rival to Facebook's Libra. The CEO mentioned:

“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.”
In an interview with L’economia, Zhengfei stated that China has all the resources to launch an outstanding cryptocurrency similar to the one created by the US giant, Facebook. The comment came after the media outlet asked Zhengfei what he thought about the U.S global hegemony.
The Telecommunications giant Huawei’s, specified that they are not planning to release a digital currency, regardless of the fact that the company has already undertaken several blockchain projects in the field. Ren highlighted:
“We are not necessarily looking to take his company toe-to-toe with the social media giant. Though the firm has made significant inroads in the blockchain space – including joining the Hyperledger consortium and releasing a blockchain-backed cloud service – we instead point to the advancements in blockchain technology made by the Chinese nation-state”.
The idea proposed by Ren may not lack in sense, as the People’s Bank of China has already hired blockchain experts to work on several confidential projects. Some analysts in the crypto space are rumoring of Beijing already developing its own currency to be released in 2020.
Image c/o MusicMagpie
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