Huawei Plans to Create a Rival to Facebook Libra Cryptocurrency


We all know that crypto market isn’t performing well these days, but this doesn’t mean that crypto
market is going to end very soon. Instead, more and more people are embracing blockchain technology
and planning to start their own crypto ventures. The same is running through Huawei’s CEO mind. Ren
Zhengfei, the CEO of the telecommunication giant Huawei has said that Huawei is seriously thinking
about the unveiling of its own cryptocurrency that will surely give a tough time to Facebook Libra crypto.


During an interview given to a reputable Italian media L’economia, he further said that China has the
power and capability to perform such undertakings. Here’s what he says in a reply to a question asked
about the U.S. global hegemony and facebook’s issuance of a global currency specifically:
“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.”

Although Ren isn’t thinking to stand his company against the social media giant, we can expect anything
big from him as he has extensive knowledge about bockchain technology. His firm has made many
significant successes in the blockchain space, including the launch of a blockchain-based cloud service
and joining the Hyperledger consortium. Throughout his interview, he paid special attention to the
advancements made by China in blockchain technology.

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thoughts in comments below.

By Johnny
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