The head of Huawei said that China should release its own analogue of digital currency Libra

The founder of the Chinese technology giant Huawei, Ren Zhenfei, said that China should not wait until someone launches a digital currency like Libra. In his opinion, the state is always stronger than any Internet company.

China is able to release its analogue of Libra, the entrepreneur stressed.

It is noteworthy that during a US congressional hearing, Facebook executive David Marcus said that Calibra’s Libra digital currency wallet can be considered a direct competitor to AliPay and WeChat payment solutions. This phrase immediately went into the top search in the Chinese social network Weibo.

Note that Libra is likely to be provided by the US dollar by more than 50%. The British pound, the Japanese yen and the euro will also be included in the Libra Reserve. This circumstance can not but alarm China, which is in a state of trade war with the United States.

It is worth adding that it was Huawei that became one of the main victims of this war, during which the US Department of Commerce blacklisted the company, thereby forcing the American corporations Google, Intel, Qualcomm, Xilinx and Broadcom to substantially restrict cooperation with it.

Meanwhile, the large Japanese online broker Monex Group, which owns the infamous bitcoin exchange Coincheck, has applied for joining the Libra Association consortium. All applications, according to Reuters, a non-profit organization based in Switzerland, will be considered in September.

At the same time, the network also reported that part of the white paper of the Libra project actually repeats the research paper “Digital Trading Coin: Towards a More Stable Digital Currency”, published by the Massachusetts Institute of Technology (MIT) representatives on the website of The Royal Society back in July 2018.

So, this paper talks about a hypothetical consortium that aims to manage Tradecoin. Moreover, it was assumed that the coin would be provided with goods such as oil and agricultural crops. The main objective of this digital currency is to facilitate cross-border payments and the involvement in the financial system of people who do not have access to banking services.

I don’t want to be meticulous, but I can say with confidence that the structure of Libra is largely taken from our article,

said one of the authors of the study, Alexander Lipton, in a conversation with CoinDesk.

He does not believe that the creators of Libra did not read their document, since such a number of coincidences, in his opinion, cannot be accidental.

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