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

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

Coinbase Wallet adds support for .crypto, becomes all in one hub for blockchain domains

SAN FRANCISCO – Coinbase Wallet has just announced support for .crypto blockchain domains…
ETH Blockchain Being Used By This Island Country For Disaster Relief Payments

ETH Blockchain Being Used By This Ocean Nation For Disaster Relief Payments

A South Pacific Ocean nation is leveraging the ETH Blockchain for disaster…

China President Xi Jinping Seeks China to “Seize Opportunity” in Blockchain

During the Political Bureau of the CPC Central Committee conducted the 18th…

Steem Launches Soft Fork to Limit the Voting Power of Justin Sun

At the start of this year, Justin Sun and the TRON Foundation…

Celsius Network Now Offers Loans Against 26 Different Cryptocurrencies

Celsius Network, one of the most flexible loan providers in cryptocurrency is…
bloXroute

bloXroute Announces Node As A Service Providers Can Optimize DeFi Trading Using BDN

Test results show a BDN integration with Infura and Alchemy can result…

Over $10 Billion Worth of Crypto Has Been Lost to Hackers in the Past Three Years- KPMG Report

If the crypto industry is going to grow, there needs to be…

Bitcoin Price Rallies During Coronavirus Outbreak Hitting Traditional Markets, $9,800 On Deck?

Global cryptocurrency markets have been trending up the last week. This comes…

Bitcoin Startup RSK Makes Excellent Move, Acquires Facebook’s Competing Giant

In the latest release, a bitcoin smart contract startup RSK reveals that…
crypto markets

Crypto Markets Add $13 Billion As Stocks Decline On Failed Stimulus – Weekly Recap

Crypto markets added $13 billion in value last week, as a handful…