China's internet giants appear unlikely to follow Facebook into the cryptocurrency space anytime soon - though you can be sure they're paying attention.
"Our stance on this hasn't changed," a spokesperson for the company told CoinDesk Tuesday, hours before Facebook officially unveiled its vision for Libra.
The reasons as to why payment giants in China may not consider cryptocurrency useful could go beyond just regulatory issues as the country's central bank banned cryptocurrency offerings in 2017.
Yan Meng, vice president of the Chinese Software Developer Network, who focuses on token economic research for the country's largest developer community, said Facebook's fragmented user base across the world leaves it with no better choice but to borrow.
Such methods may not be even replicable for payments firms in China, he argued, given their users predominantly come from one single economy using one type of fiat currency.
"China has already had a well-established payments settlement network so there may not be real demand for having a crypto stablecoin now."
To be sure, Facebook's services are still inaccessible under normal internet conditions for users based in China.
"With sufficient incentives, nodes of Facebook's Libra network would represent Facebook to push for utility in various countries for its 2.7 billion users in business, investment, trade and financial services," he wrote, going as far as arguing "These would help complete a full digital economy empire."
Immediately after Facebook released its Libra cryptocurrency plan, financial regulators in Europe have already voiced.
Concerns over the potential of Facebook running a "Shadow bank."
China's Biggest Payment Firms Have No Plans to Follow Facebook into Crypto
Published on Jun 19, 2019
by Coindesk | Published on Coinage
Research finds Bitcoin and Litecoin halvings do not impact price
Contrary to the popular media narrative, new research finds that Bitcoin and Litecoin prices are unimpacted by block reward halvings.
Libra's Biggest Problem
Among the barrage of commentary accompanying the Libra circus on Capitol Hill last week was a single short tweet from lawyer Marco Santori that summed up the core problem confronting Facebook's cryptocurrency project - and, for that matter, any corporate-led effort of its kind.
Crypto and FB's Libra Are Bridges to a Bitcoin World, Says Tim Draper
Bitcoin will be the ultimate benefactor from interest in Facebook Libra and cryptocurrencies, billionaire Tim Draper has said.
Craig Wright's misinformed attempt at scaling Bitcoin, BSV frivolously increasing block size to 2GB
In Craig Wright's latest marketing attempt, Bitcoin SV will increase its block size cap from 128MB to 2GB. The upgrade will make BSV less secure, more centralized, and more costly for infrastructure providers to maintain.