RATE Group | Zuckerberg was Right. China ‘Fast-Tracks’ Cryptocurrency With Huawei, Tencent
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Zuckerberg was Right. China ‘Fast-Tracks’ Cryptocurrency With Huawei, Tencent

10 Nov Zuckerberg was Right. China ‘Fast-Tracks’ Cryptocurrency With Huawei, Tencent

Posted at 08:20h in Cryptocurrency News by

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  • The People’s Bank of China signed a partnership with Huawei, reportedly to develop blockchain technology for China’s sovereign digital currency.
  • It comes just a week after Xi Jinping pledged that China would “take the leading position” in blockchain.
  • Zuckerberg’s ominous warning – that China could erode America’s “financial leadership” – is slowly materializing.

Last month Facebook CEO Mark Zuckerberg appeared before Congress and delivered a warning to lawmakers: get behind digital currency Libra or risk losing “financial leadership” to China.

It seems his ominous prediction is coming true. In the weeks since, Chinese president Xi Jinping urged China to establish leadership in blockchain technology. Now, the People’s Bank of China has rapidly accelerated its plans for a sovereign digital currency.

On Monday, the central bank revealed an early partnership with Huawei to develop blockchain technology. PBOC representatives also visited Tencent – one of…

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