Altcoins News
By Dan Saada
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More numbers of Libra-styled cryptocurrencies might come from China. This is likely to be a significant bullish trend for major digital currencies.
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The Global times Editorial recently stated that China could not afford to be out of competition from the digital currency world.
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The editorial further published, that unlike Bitcoin or others, the value of Libra will be backed by currencies and securities to make it reliable and stable.
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The editorial further states that the sooner the alliance is formed, Libra might become the de facto representative of the United States Dollar.
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What is happening now is a digital economic revolution, and China will be finding itself in a passive competition.
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China will be able to participate in this economic revolution by letting several Libra rise and permit the Chinese Internet Giant to develop their versions of Facebook's Libra.
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This will bring in significant buzz for major cryptocurrencies like Bitcoin, ETH, and XRP. This will only further fuel the ongoing rally.
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Investor enthusiasm was handled in a heavy-handed manner by the Chinese government in the year 2017.
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The government of Beijing wanted to have firm control of its financial system. Eventually, to allocate credit according to its political agenda.
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China, at a point in time, will create its cryptocurrency backed by its own rules, but that might not impact Bitcoin in any way since the two would exist separately and wouldn't…
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China would like to sustain its monopoly. Alex Karasulu stated, “Short term, China could be hedging against trade wars using Bitcoin,” further added, “long term, China realizes…
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