Ren Zhengfei – current CEO of the famous, China-based tech heavyweight Huawei – believed that China can be a worthy competitor for Facebook in gaining market share, by building its own cryptocurrency.

As reported from a press conference Italy by the Sina on July 18, Zhengfei claimed that it is not a hard task for China to come up with a cryptocurrency that rivals Facebook’s Libra, in terms of value proposition.

“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,” Zhengfei responded to Italian reporter Fabio Savelli.

Following the upcoming arrival of the Libra crypto project, which has been the center of attention recently, the People’s Bank of China (PBoC) claimed that Facebook’s Libra could cause potentially negative impacts, in some aspects, to China’s economy.

In July 2019, the PBoC director Wang Xin claimed that, should the Libra stablecoin be a US dollar-pegged cryptocurrency, China could experience downsides.

“If so, it would bring a series of economic, financial and even international political consequences,”

Beijing is reportedly designing its own crypto coin, with the specific use cases are yet to be revealed.