Libra is facing a different situation in China, Libra is competing Alipay, WeChat for the first position as the most popular search term in China.
The Chinese don’t seem to have any problem with Facebook’s crypto project: Libra. In fact, the Chinese seem to be more welcoming to Libra than the US. The US has been placing sanctions on the Libra since the idea of the media giant Facebook to launch its stablecoin has been proposed.
What would it take for Facebook to clear its name and be done with the hearings? The debacle of privacy concerns and cybersecurity have been addressed repeatedly and the Calibra project head, David Marcus hasn’t been able to answer quite a few questions by the secretaries in the hearings.
Coming back to China, the crowd is just too much interested in Libra. The search results for Libra just falls short on the list at 2nd position. Competing with WeChat and Alipay, reports cnLedger, a Crypto news portal.
China is paying attention – "Libra will compete with Alipay and WeChat" is now the 2nd hottest search on Weibo (Chinese Twitter). pic.twitter.com/nsMJ4kvHvC
— cnLedger (@cnLedger) July 18, 2019
Interestingly China’s policy to not let crypto-mayhem in the country since 2017 by the People’s Bank of China. The European Union Small and Medium Enterprise (EUSME) has ensued a video regarding China’s policy to not allow capital outflow:
The measures taken are quite strict here, with scrutinizing overseas transactions over two hundred thousand Renminbi (200,000 RMB), forex transfers and buying limits.
China will benefit from Libra with it offering a global payment network that will easily manipulate the fiats and the cryptos- all while abiding by the Central Chinese Bank’s laws. SO when the project is being funded by payment processing firms Visa and MasterCard, it makes no sense for the Central Chinese Bank to disregard this as another crypto-hypocrisy.
As of right now, the crypto ban being in effect, cryptocurrency trading is still on the go in the country via discreet peer-to-peer methods. On Monday this week, US Treasury Secretary Steven Mnuchin said the Facebook cryptocurrency is open to get misused by money launderers and terrorist financiers. That further applies to people looking to bypass capital restrictions.