Libra’s presence on Weibo grows; China senses competition for Alipay and WeChat

  • 18 July 2019, Thursday, 13:10

Libra, Facebook’s much-talked about cryptocurrency, has not only gotten the United States riled up, but has also breached its shores to disrupt the Chinese market. A recent analysis of Weibo, China’s alternative to Twitter, has revealed that Libra was the second most searched entity on the social media platform.

To be exact, the term ‘Libra will compete with Alipay and WeChat’ was trending on China’s social media space in the wake of the debates going on in the U.S. Congress over the week. Some cryptocurrency enthusiasts had their doubts about the search parameters with @guymp, an e-commerce researcher, tweeting,

“Odd considering 1.) Libra is extremely unlikely to be allowed to operate in China 2.) Alipay/WeChatPay user account are *by design* almost completely nonexistent outside of China.”

Several countries have started talking about the Mark Zuckerberg-led cryptocurrency and China’s interest in the asset has only managed to pull more people into the digital asset industry. Some proponents of the space have also speculated that China is simultaneously working on their own crypto-project to rival that of Facebook and Bitcoin. Anthony Pompliano, CEO of Morgan Creek Digital Capital, had recently stated,

“China is accelerating those plans in response to Libra. They are very worried about Libra being very US-dominated or regulated by the U.S., they feel like the digital currency would give the US an advantage over China. So China is going to push forward and accelerate to build a central bank regulated digital currency.”

Libra’s worldwide reach is not just based on speculation, but rather on hard research. A recent TIE report had touched on Libra’s dominance in the Twitterverse, which included search hits in the U.S. and the United Kingdom. TIE reported that tweets about Libra accounted for 43.8 percent of all crypto-related tweets in the United States, out of which 54.8 percent were negative.

The UK however, had a different outlook towards Facebook’s cryptocurrency, with a majority of the sample space claiming that Libra would be good for the community.

Source: ambcrypto.com