Bitcoin jumped on Monday, bringing its rally since Thursday to 26%, after China’s government threw its backing behind the digital coin’s underlying ledger technology.
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Chinese investors snapped up every blockchain-related stock in sight after President Xi Jinping said Beijing wants to speed up development of the technology.
A senior Chinese foreign-exchange regulatory official called for “special attention” to be paid to blockchain as the nation looks to gain advantages from digital finance.
Mark Zuckerberg has indicated he is willing for Facebook to pull out of the libra digital currency if other founding members decide to press ahead without US approval.
With over 2.3 billion monthly active users around the world, it’s not a stretch to imagine that Facebook could have great influence over who pays whom, and how.
The hostility toward Facebook’s libra cryptocurrency appears to be weighing on the sentiment for bitcoin.
The head of Facebook’s libra project said that it could use cryptocurrencies based on national currencies like the dollar, rather than the synthetic one it initially proposed.
Facebook has a warning for those in Washington determined to derail the company’s plans for creating a cryptocurrency: doing so would be a huge win for China.
The Facebook executive responsible for the embattled cryptocurrency said he doesn’t fault companies that pulled out of the project, adding that he’s optimistic more organisations will sign on.
Facebook’s remaining partners in its digital currency project signed paperwork on Monday to officially join the Libra Association.