Facebook Libra Vs. Digital Yuan: Who Is The Winner?

5d946d8cbd798-bpfull
Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Facebook announced its crypto with the nonprofit Switzerland-based Libra Association.
  • China proposed to use its digital currencies for major payment platforms including in Alipay and WeChat.

From the time of the announcement, Facebook Libra Cryptocurrency faced criticism from experts. The People’s Bank of China has started to build its digital currency (Digital Yuan) from the starting of the previous year. Yuan backed the project.

Till date, China is dependent on the U.S. dollar. But after emerging of other currencies, China decided to help the propagation of these currencies. For this reason, China was very strategic about their digital currency. China proposed to use its digital currencies for major payment platforms including in Alipay and WeChat.

Facebook announced its crypto with the nonprofit Switzerland-based Libra Association. The coin is a stable coin. The value of the coin is connected to an underlying currency similar to the dollar. The currency is pegged to yen, euro and U.S. dollar. However, the development process of Libra received resistance from former lawmakers and industry insiders, global regulators and senior congressional finance committee members. They also raised questions about the risky ambition of Facebook.

Future Prospects for Libra and Digital Yuan

Advertisement


China will test Digital Yuan in four cities which are Shenzhen, Suzhou, Xiong’An and Chengdu. The pilot project will be based on a closed-circuit test. Hence, the project will not affect any commercial operations of the companies who will be involved in this. However, the official date has not been yet started.

On the other hand, criticism and long waiting time of Libra coin dishearten the people.  Hence, no one knows when the new digital currency will come in the market or there will be a pilot test like Digital Yuan. Hence, Digital Yuan is a clear winner.

The only problem of Digital Yuan is the current loss of the corporate image of China due to the spreading of COVID-19. The next few months will be eventful and interesting for Digital Yuan.

Hot News

Kyoto University to Recruit People to Maintain XRP Validator

Kyoto University is now in search of a technical assistant to maintain and manage XRP validators. XRP also is known as Ripple is a...

Litecoin (LTC) Awaking From the Bear market

Cryptocurrency markets continued their rally soon after facing a major blowout. The seventh-largest cryptocurrency by market capitalisation, Litecoin, witnessed major price shifts for...

Japanese Consortium of Enterprises to Use Blockchain To Trade With Vietnam

A Japanese council consisting of 18 Japanese enterprises like NTT, Mitsubishi, and Japan Express has decided to apply a blockchain-based business management system...

Greg Tusar joins Coinbase as Vice President of Institutional Products

Greg Tusar is the co-founder of Tagomi and electronic trading pioneer and he joins the Coinbase as a part of their recently announced...

Millennials Prefer Bitcoins, While Older Cohorts Prefer Gold: JPMorgan

JPMorgan Chase has revealed that the older cohort of investors tend towards Gold, whereas the younger ones prefer to invest in digital assets. ...

Bitfinex Announces a $400 Million Bounty For Return of Stolen 2016 Bitcoin

The Bitfinex exchange is offering a huge reward of $400 million in return for information about the individuals or groups who were responsible...

Partners

RELATED NEWS

Kyoto University to Recruit People to Maintain XRP Validator

Kyoto University is now in search of a technical assistant to maintain and manage...

Litecoin (LTC) Awaking From the Bear market

Cryptocurrency markets continued their rally soon after facing a major blowout. The seventh-largest...

Japanese Consortium of Enterprises to Use Blockchain To Trade...

A Japanese council consisting of 18 Japanese enterprises like NTT, Mitsubishi, and Japan...