TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Fixing SA’s power crisis is not complex: it simply takes the will to do better

      12 August 2022

      Consortium makes unsolicited bid for state’s 40% stake in Telkom

      12 August 2022

      Actually, solar users should pay more to access the grid – here’s why

      12 August 2022

      Telkom says MTN talks remain on track

      12 August 2022

      Analysis | Rain muddies the waters with approach to Telkom

      11 August 2022
    • World

      Tencent woes mount, even after $560-billion selloff

      12 August 2022

      Huawei just booked its first sales rise since US blacklisting

      12 August 2022

      Apple remains upbeat about iPhone sales even as Android world suffers

      12 August 2022

      Ether at two-month high as upgrade to blockchain passes major test

      12 August 2022

      Gaming industry’s fortunes fade as pandemic ends

      11 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Cryptocurrencies»If libra fails, Beijing wins: Facebook

    If libra fails, Beijing wins: Facebook

    Cryptocurrencies By Agency Staff18 October 2019
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    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.

    David Marcus, the executive leading the company’s libra initiative, said Beijing is ploughing ahead in trying to stand up a digital payments system with global reach even as US officials try to figure out how to regulate Facebook’s coin. Chinese progress could represent a real threat to US influence, Marcus said on Thursday.

    “The future in five years, if we don’t have a good answer, is basically China rewiring” a large part of the world “with a digital renminbi running on their controlled blockchain”, Marcus said. He warned about the prospect of “having a whole part of the world completely blocked from US sanctions and protected from US sanctions and having a new digital reserve currency” with no alternative.

    The future in five years, if we don’t have a good answer, is basically China rewiring a large part of the world with a digital renminbi running on their controlled blockchain

    Marcus’s comments come as Facebook struggles to persuade sceptical lawmakers and regulators that libra is a good idea. Facebook’s June announcement that it had begun work on the cryptocurrency along with 27 partners sparked controversy that has led to congressional hearings, reviews by global regulators and even a Twitter rebuke from President Donald Trump.

    Facebook has previously highlighted threats posed by China as part of a response to Washington’s concerns over the company’s reach. When CEO Zuckerberg testified before congress in April 2018, he prepared notes to argue that China would be strengthened by a breakup of US tech companies.

    While the head of China’s central bank has said the country had no timetable for issuing its own digital currency, officials have signalled that they are taking research and development efforts seriously. A former leader of the bank, who started its crypto project, said a goal was to keep China from having to adopt a standard, like bitcoin, designed and controlled by others.  — Reported by Ben Bain and Kurt Wagner, (c) 2019 Bloomberg LP

    Bitcoin David Marcus Donald Trump Facebook Libra Mark Zuckerberg top
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleProlonged exposure to blue light may speed up ageing process
    Next Article South Africans not the only ones in the dark as Eskom rescue awaited

    Related Posts

    Fixing SA’s power crisis is not complex: it simply takes the will to do better

    12 August 2022

    Consortium makes unsolicited bid for state’s 40% stake in Telkom

    12 August 2022

    Actually, solar users should pay more to access the grid – here’s why

    12 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    Get your brand in front of TechCentral’s amazing audience

    12 August 2022

    Pricing Beyond CMYK: printers answer the FAQs

    11 August 2022

    How secure is your cloud?

    10 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.