China May ‘Rewire The World’ With Its Digital Yuan: Facebook

New reports from Facebook and its chief David Marcus are in the focus of the blockchain news today, showing a warning sent to Washington. According to Marcus, stopping the launch of Libra will open the door for China to steal a key advantage in the world of digital currencies.

As reported by Bloomberg, Marcus stated:

“The future in five years, if we don’t have a good answer, is basically China re-wiring [much of the world] with a digital renminbi running on their controlled blockchain.”

For those of you who don’t know, American regulators have repeatedly called on Facebook to halt its proposed 2020 launch for the Libra cryptocurrency. They appear ready right now to impose new laws that would make a United States rollout impossible – including the so-called “Keep Big Tech out of Finance” bill.
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David Marcus retorted that blocking Facebook and its Libra project could backfire on American lawmakers. As China and other nations are known to be forging behind the scenes on digital fiat, there might be a bigger plot right now and something that could effectively end the dollar’s control over the world economy.

Marcus also warned the American regulators that they risked “having a whole part of the world completely blocked from United States sanctions and protected from United States sanctions – and having a new digital reserve currency [with no alternative].”

Bloomberg’s report also quotes a “former leader” and crypto pioneer from China and the central bank as stating that “the goal of the country’s project was to keep China from having to adopt a standard, like Bitcoin, designed and controlled by others.”

Meanwhile, the Libra coin news show that the stablecoin appears to have finally found an ally in the American parliament. Rounds, who was a Republican senator for South Dakota Mike Rounds, wrote a letter to Libra’s partner Anchorage where he expressed his support for the companies that are continuing to stand behind Facebook’s forthcoming cryptocurrency.

“It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system,” Rounds said.

He also added that the US was in serious danger of falling behind the rest of the world in terms of cryptocurrency usage and infrastructure.
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