“The Cryptography Law” passed by the Chinese Congress is obtaining more concerns than appreciation. Huang Qifan, a Chinese official, took center stage of the Shanghai Bund Summit to address the same.
A number of influencers have expressed concerns over China’s crypto plans, including Facebook’s CEO Mark Zuckerberg. In his testification before the senators, Mark stated the nation’s digital currency plan is a more significant threat, and his Libra can beat it. He asserted that regulators must reconsider halting his stablecoin as China’s coin is way more ahead. However, Qifan firmly came back to Zuckerberg and renounced his statements. He went on criticizing Libra and said, “I don’t believe Libra will succeed.”
The Chinese political also stated how individual private firms try to complete with the authorities by introducing such currencies as Libra. Qifan highlighted that since the governments do not back these coins, they can never hold a stable value, and it is difficult to establish social wealth.
In defend on China’s digital project, Qifan mentioned, “The People’s Bank of China has been studying DC/EP for five or six years, and I think it has matured. The People’s Bank of China is probably the first central bank to introduce digital currency in the world.” The former Deputy Director also hinted that DCEP could be backed by China’s gold reserves, fiscal revenue, and more.