Competition cause sometimes the thing to happen. Fight to take over the market, force companies or Countries to take actions. Companies or Government always try to beat others in the competition. For that matter, they take many actions. Sometimes they are successful sometimes the idea doesn’t work for them.
U.S based Company Facebook announced to launch their own cryptocurrency Libra for their users. That is expected as a big crypto giant in the market and assumed to take a big portion of cryptocurrency. Although there is some legal debate in the U.S about its launching. The administration of Facebook trying to solve it.
Zhengfei Ren CEO of Huawei a China Based mobile company in an interview suggested the government launch its own cryptocurrency than depending on others. He said 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.”
It is expected that may Libra effect Alipay, Wechat and other China Payment systems. So to avoid the Libra’s dominance China should launch its own crypto to be used. Otherwise Libra will take over the payment system without any competition.