CEO of technology corporation Huawei Ren Jenfei believes that China will be able to compete with Facebook for market share by releasing its own digital currency.
Jenfei spoke at a press conference in Italy on July 18, where he said that China can easily produce digital currency with the same advantages as it intends to offer Facebook through Libra stablecoin.
"China can issue such a currency itself. Why wait until it is released by others? The country will always be stronger than a separate Internet company," he said.
Earlier this month, the head of the research bureau of the People's Bank of China PBoC Wang Xin said that his agency may be forced to accelerate the development of its digital currency against the background of the announcement of Libra. "It may happen that there will be, in fact, one boss - the U.S. dollar and the United States itself. This will entail a series of economic, financial and even international consequences," he said.
At the same time, Xin noted that the long-term development of the Central Bank of China does not yet allow us to talk about the imminent launch of the digital currency.
"We started early, but there is still a lot of work to be done to consolidate our dominant position," he said.