Huawei CEO: "China can also issue such a currency by itself"

Posted 26 July, 2019

The Chinese corporation Huawei remains in the thick of the trade standoff between Washington and Beijing. Huawei CEO Ren Zhengfei during a press conference in Italy, responding to the Evening Post correspondent Fabio Savelli, touched upon the topic of Facebook Libra digital currency.

Savelli was interested to know the stance of the head of Huawei towards the fact that Libra Coin is a cryptocurrency of an American company under the control of the USA. And in the second part of the question, he raised the problem of the participation of Chinese companies in the Libra Association and whether the Chinese yuan will be included in the basket of currencies that support Libra Coin. It was also noted that the Libra is likely to be backed 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.

The answer was unexpected and concise:

“China can also issue such a currency by itself. Why wait for others to issue it? The power of a country is always stronger than an Internet company,” 

Opinion about the possible release of China's own national digital currency in response to the Facebook Libra project has already been expressed by the former Governor of the People’s Bank of China (PBoC) Zhou Xiaochuan. The banker believes that the concept presented by Libra has great potential and can have a revolutionary impact on the system of international payments.

 

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