Certainly, Libra and China’s digital currency is on top bulletins from quite sometime now– while former caught with criticizing comments from global regulators, the latter is secretly being developed by the People’s Bank of China.
Business Tycoon on Libra and China’s Digital Currency
Although there has been a multi-national regulatory pushback against Facebook’s effort of launching Libra, the giant has recently formed an “official Libra Council” to move its plan forward. Meantime, China’s upcoming digital currency is also expected to resemble few features of Libra cryptocurrency and might also work without an internet connection, similar to currency notes.
Terry Gou who is the founder of Foxconn, the manufacturing giant, said that Taiwan can bring Libra in the future. However, he also bullishly commented on China’s upcoming digital currency and said that Taiwan will also accompany China’s currency alongside Libra. Speaking at the annual meeting of Taiwan’s technology association in Taipei on October 3, 2019; Gou said;
“I know Zuckerberg pretty well, and I hope we can bring Libra to Taiwan in the future,” Gou stated. “Mainland China has decided not to accept Libra and build its own digital currency. That creates a great opportunity for Taiwan as we can become a place where the two separate systems converge.”
Nevertheless, Taiwan’s financial watchdog “the Financial Supervisory Commission (FSC)” has implemented new Anti-Money Laundering regulations on crypto trading platforms in Nov last year which was considered as the tighten crypto regulations in the region. To that end, Gou urges that Taiwanese regulators should look at the brighter sides of decentralized technologies to leverage the benefits from the emerging crypto trend. Moreover, he announced “the blockchain curriculum”, to be launched by his own education initiative.
It’s worth noting that, Foxconn itself is one of the leading giants which is quite active in the crypto ecosystem with several initiatives. With the first project kick-started in October 2017, Foxconn is leading the blockchain and crypto trends in the manufacturing industry.
In a nutshell, Gou’s recent pro-blockchain stance will be more interesting to recheck in the future – once (and if) Libra and China’s digital currency finally comes into the picture.
Image Source – Techcrunch