Huawei CEO Claims That China Can Issue A Cryptocurrency Better Than Facebook

With quite the interesting opinion is one Zhengfei Ren, CEO of Huawei, the biggest smartphone maker in China. According to The Block, reporting on an interview Ren had with Italian media, China is more powerful than a social media company like Facebook regarding the ability to bring in new cryptocurrencies and ensure people actually use them.

The Government of China Is More Powerful Than A Tech Company

In one interview, Ren had said to Fabio Savelli, and Italian journalist, that “China can also issue a similar currency [like Libra]. Why wait for someone else to issue it? A nation’s power is greater than that of an internet company.”

The CEO was speaking in response to whether or not he thinks that Facebook’s Libra stablecoin is the social media company’s plan to achieve more world dominance than it already has.

It’s an interesting claim for sure. On top of this, Ren has been looking into blockchain himself for quite a while. In fact, in 2016, Huawei ensured that it was a part of the Financial Blockchain Shenzhen Consortium. From here, the company also joined up with the Linux Foundation’s Hyperledger community. Then, the phone maker even put out a whitepaper of its own blockchain technology that it plans to put on top of its cloud.

Of course, Huawei isn’t the only Chinese company that’s looking into blockchain technology and Bitcoin wallets. Combined with Ren’s business are competitors Alibaba, Tencent, and Baidu, all big names in tech when it comes to China.

The publication also reports that Tencent’s CEO, Pony Ma, even put out on WeChat, China’s most popular communication platform, that “the [blockchain] technology is mature and it is not difficult [to be realized], but the point is whether the regulators would allow it.”

He’s not wrong. Companies and enthusiasts all over the world are struggling to work with blockchain technology due to a lack of governmental regulation.