• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • 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: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • 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: Commerce Department To Release Blockchain Statistics, Says Lutnick
bitcoin price china ponzi

Facebook’s ‘Cryptocurrency’ Libra Finds Love In China

Emilio Janus
by Emilio Janus
6 years ago
·
Posted in Altcoins, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Despite overarching suspicion in the west, Facebook’s Libra ‘cryptocurrency’ does seem to be finding some love in China.


Facebook Launches A Titanic White Elephant

So Facebook’s much-vaunted ‘cryptocurrency, Libra, launched with great fanfare yesterday, but left many feeling decidedly unimpressed. The (rather clumsy) website crashing just moments after launch was just the icing on a well-stacked cake full of concerns. Was it even a cryptocurrency at all?

Questionable claims of decentralisation, and a future transition to Proof-of-Stake did nothing to allay any fears. Nor did a ‘custodial’ wallet, oppressive KYC, and spurious claims as to what gives a cryptocurrency value.

the value of a cryptocurrency depends on the type of blockchain it is built on

Even the mainstream media saw through its, ‘brazen attempt to override national monetary sovereignty by creating a global-scale Federal Reserve’. Many anticipated a negative reaction from governments worldwide.

Meanwhile, In China

The reaction in China, however, has been notably less cynical. Libra showed up in the ‘Hot Searches‘ on China’s biggest crypto-tracking app, MyToken. According to Primitive founder, Dovey Wan, this is the best route to the pulse of the Chinese crypto scene.

Two Chinese crypto exchanges have even claimed to already list Facebook’s Libra. Although, of course, as it is still some way off going ‘live’, this should probably be taken with a pinch of salt at best. In reality it is highly likely to be a scam.

Two Chinese exchanges already claimed to list Libra 😑😑😑 pic.twitter.com/eJhAOBp4j1

— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) June 18, 2019

Wang Xiaochuan, CEO of China’s #2 search engine, Sogou, took to microblogging site Weibo, heralding the coming of Internet 3.0.

Facebook has a huge advantage in leading this matter, with a global vision, broad alliance, and the endorsement of its 2.7 billion users. The world has changed and it is a new challenge for China.

So Why Is China Looking To Facebook For Crypto?

As a stablecoin, Libra is certainly not an investment opportunity. Pegged to an (as yet unrevealed) basket of fiat currencies, it will be subject to the same inflationary factors and go down in value over time.

Perhaps the interest from China comes because even Facebook’s strict KYC (know your customer) measures are preferable to the alternative. As Bitcoinist reported in March, Chinese authorities have begun to implement measures whereby fines can be forcibly extracted from WeChat Pay accounts for offences such as jaywalking.

With increasing use of facial recognition, the Chinese government can effectively track and control its citizens’ financial sovereignty.

But is it really better to have Facebook and its motley band of ‘partners‘ in control? Or, you know, perhaps consider the truly decentralised, permissionless, trustless route to self-sovereignty that is Bitcoin?

What do you make of Facebook’s new cryptocurrency? Let us know if you love it or hate it in the comment section below!


Images courtesy of 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.
Emilio Janus

Emilio Janus

Follow

Full Profile

Related Posts

solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

1 day ago
Sunswap Drives TRON DeFi Expansion With 16 Million Transactions

Sunswap Drives TRON DeFi Expansion With 16 Million Transactions

1 week ago
China Renaissance Buys $100M In BNB – Expands Crypto Partnerships

China Renaissance Buys $100M In BNB, Expands Crypto Partnerships

1 week ago
Altcoins

Bitcoin At $230,000, XRP At $9, And Dogecoin Price To $2.5? Analyst Unveils Q4 Targets

1 week ago
Ripple

First Of Its Kind: Ripple Helps Build Real-Time Crypto Crime Response System

1 week ago
stablecoins

Yuan-Pegged Stablecoins On The Horizon As Beijing Rethinks Policy

1 week ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    2 hours ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    2 hours ago
  • From Institutional to Individual Investors: How XRP and...

    3 hours ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    3 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    5 hours ago

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

Buy Neo Pepe

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.