Can China’s state-run cryptocurrency compete with Facebook’s Libra?

After feeling the pressure from Facebook’s Libra push, Chinese officials announced just weeks ago that they were preparing to release China’s own central bank digital currency to compete with and potentially stop Libra. 

Now, China claims its state-run cryoptocurrency is ready to go. But can it effectively counteract the threat to China’s financial system that Chinese officials say Facebook’s crypto project poses?

Within a matter of weeks, China has gone from merely accelerating its plans for its digital currency to suddenly, after five years of teasing, claiming it’s now ready for prime time. But these words may have a secondary meaning, said Mati Greenspan, senior analyst at eToro, in an interview with Decrypt. Greenspan said that while the Chinese government has the technical prowess to release a cryptocurrency that quickly, it still requires extensive political capital to get off the ground fully.

“This wouldn’t be difficult for the Chinese government to put out in a…