The launch of the recent cryptocurrency by Facebook has created a hype in the crypto-market. The CEO of Sogou, Wang Xiaochuan, has said that the Facebook cryptocurrency “Libra” has the potential to change the world.
This new launch of the currency “Libra” has caused the great chaos in China as the country now needs a more advanced network system to compete with this technology.
Xiaochuan said that Libra will steer on internet 3.0 and its global partnerships and collaborations will strengthen the cryptocurrency sector.
He said that currently there are over two hundred and seven billion users of Facebook so the adoption will be increased. China perceived this new advancement by Facebook as a challenge.
CEO boldly criticized Justin Sun’s lunch with Warren Buffet and is sceptical about their policies and plans.
Xiaochuan himself is a supporter of blockchain technology and has a command over computer technology but, the recent step of Facebook has made him sceptical about the future of technology in China.
On the other hand, Alibaba is also closely watching all the current scenario but, so far did not make any statement about it.
China supports blockchain technology but criticizes the concept of cryptocurrency. Therefore, crypto-mining and trading were banned in the country. But, the Libra has made people and analysts think that world dynamics are changing and the adoption of the new technology is necessary for the competition.
If Facebook is successful in launching its own digital currency the Chinese social media platforms can also follow their steps and make advancements in crypto-sector.