Facebook warns Washington: Beijing will win if Libra fails

by in Cryptocurrency News

Facebook Libra

Facebook Inc. warns Washington that if the corporation’s plans for launching a cryptocurrency fail, it will be a huge win for China.

Related: China's "Digital Yuan" might launch in 2020!

David Marcus said in an interview that China is going ahead and trying to create a digital payment system with a worldwide reach and, at the same time, the US is searching for methods to regulate Libra. If China makes this step, it can be a real threat to the US influence Marcus mentioned.

He also said that there is a chance of having a large part of the world, which is blocked from the US, protected from its sanctions and has a new digital currency for reserves.

Marcus commented on the situation as the whole corporation is trying to persuade regulators and lawmakers that launching Libra is a great idea. As Washington is concerned about Libra’s reach, Facebook provided possible threats from the Chinese side. In April 2018, when CEO of Facebook Mark Zuckerberg has testified before Congress, he has mentioned that China will gain strength if US tech companies break up.

While the chief of the Chinese Central bank ensures that China is not working on issuing a digital currency, officials are talking about researches and development efforts made by the government.