• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: DOJ's Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian 'Pig Butchering' Scam
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: DOJ's Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian 'Pig Butchering' Scam
facebook libra 2.0 roadmap

China May Release Libra Competitor Before Facebook Launches It, Report

Anja van Oosterhout
by Anja van Oosterhout
6 years ago
·
Posted in News, Blockchain, Companies, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Facebook’s Libra may be facing multiple threats from regulators, but the same critics are now racing to beat the social media giant at its own game.


Experts: Chinese Libra May Come First

The US, China and European Union are all concerned about Facebook’s digital currency. According to fresh reports, however, it is China which is now looking to release its own competitor before the Libra currency itself debuts.

As local English-language news outlet China Daily revealed on August 20, unnamed experts consider it increasingly likely Beijing will put its central-bank digital currency (CBDC) to work first.

“Experts predicted that if things go well, the Chinese government-backed digital currency may come out earlier than the official launch of Libra,” the publication wrote. 

That official launch remains vague. Facebook is unable to set out a timeline before it appeases global regulators, something executives say they are committed to doing.

China has taken a unique stance among world powers by aiming to compete with Libra. Earlier this month, the deputy director of the country’s central bank confirmed the CBDC was technically almost ready for issue.

Previously, the central bank had publicly voiced worries over Libra, inasmuch as it could be pegged to the US dollar and involve overwhelming participation of US finance firms.

The network’s potential node operators, who say they will pay $10 million each to be involved, include PayPal, Visa and MasterCard.

The Sea Of New Competitors

Outside government, meanwhile, the trend to ‘be’ Libra before Libra even exists has captured the imagination of businesses. 

Cryptocurrency exchange Binance is among the players saying they will launch an analog to Facebook’s offering. Binance will create a project called Venus, a blog post confirmed this week. 

Even Erik Finman, the world’s youngest Bitcoin millionaire, has revealed an option, in the form of Metal Pay, which he claims will both “kill” Libra and take traction away from the cryptocurrency that made him his fortune. 

“We want to be the digital bank for the world,” he announced in an introductory video to the platform, which launched August 19.

The Bitcoin community, instead of arguing Bitcoin fulfils Libra’s remit, remains cautious. Speaking to CNBC, Coinbase CISO Philip Martin said it was simply too early to determine anything about Libra in the real world.

“From our perspective, Libra has the potential to bring cryptocurrency to a billion people, because of the folks that are involved,” he explained. 

“I think that while the potential is there, it’s really too early to be talking about the technical implications of the coin, their protocols and the currency, because it’s still under development.”

What do you think about China beating out Libra? Let us know in the comments below!


Images via Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anja van Oosterhout

Anja van Oosterhout

Follow

Full Profile

Related Posts

Doge

Dogecoin не сдал позиции: рынок ждет решающего импульса

6 hours ago
Onlyfans

OnlyFans побил рекорды по прибыли на каждого сотрудника

23 hours ago
Крипторынок восстановился и перешел к росту

Крипторынок восстановился и перешел к росту

23 hours ago
ako ťažiť kryptomeny v 2025

Ako ťažiť kryptomeny v roku 2025? AI technológie a virtuálne uzly menia celé odvetvie

1 day ago
Newsmax Trump Coin en BTC Reserve – Meme Coin Rally Onderweg

Newsmax Trump Coin en BTC Reserve – Meme Coin Rally Onderweg

2 days ago
Ethereum

Ethereum в ключевой зоне: рынок ищет направление

4 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • KCEX стартира бонус за търговия от...

    6 hours ago
  • โปรโมชั่นโบนัสสำหรับผู้ใช้ใหม่จาก KCEX แจกสูงสุด 21,000 USDT

    KCEX จัดหนัก!...

    1 day ago
  • WEEX стартира кампания с до 50%...

    1 day ago
  • FleetMining Turns BTC, XRP, and ETH into Daily Income

    FleetMining Turns BTC, XRP, and ETH into Daily Income with...

    2 days ago
  • CryptoGDEX Launches Global Petition to Revolutionize Wealth Distribution

    CryptoGDEX Launches Global Petition to Revolutionize Wealth...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.