Facebook’s Libra Faces Huge Competition From Chinese Cryptocurrency

Facebook’s libra faces huge competition since China is ready to launch a new cryptocurrency with better features according to the reports we are reading today in the coming altcoin news below.

The social media giant and the crypto project are facing more threats from regulators but at the same time, the critics are racing to beat Libra at its own game. China and the European Union are concerned that Libra poses a threat to the world economy and crypto industry. The reports show that China is now looking to release its own competitor before Libra even debuts. The local English-language news outlet China daily revealed that experts in the country are trying to make the central-bank digital currency work.

“Experts predicted that if things go well, the Chinese government-backed digital currency may come out earlier than the official launch of Libra.
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The official launch still remains unknown. Facebook is unable to set out a timeline before it goes past the global regulators which are something that executives are keen on doing. China has taken a unique stance since it is trying to compete with Libra and the central bank deputy director even confirmed that the CBDC was technically almost ready for issue. Previously, the central bank stated they it was worried over Libra because it could be pegged to the US dollar and involve massive participation of the US finance companies. The network’s potential node operators that will pay up to $10 million each to be involved, include Mastercard, Visa, and PayPal.

Facebook’s libra faces now a huge competition because the crypto exchange Binance is also among the players that says will be launching a similar cryptocurrency named Venus according to the latest blog post this week. Even the world’s youngest Bitcoin millionaire Erik Finman stated that in the form of Metal Pay which he considers will ‘’kill’’ Libra and take the traction away from bitcoin which made him his fortune. He stated:

 “We want to be the digital bank for the world.’’

As noted in the latest cryptocurrency news, the bitcoin community remains cautions regarding Libra. When speaking to CNBC the Coinbase CISO Philip Martin stated that it was too early to determine whether Libra will achieve anything in the real world:

 “From our perspective, Libra has the potential to bring cryptocurrency to a billion people, because of the folks that are involved.’’