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Bitcoin [BTC] will have the hardest time replacing fiat in China, says Joyce Yang

Namrata Shukla



Bitcoin [BTC] will have the hardest time replacing fiat in China, says Joyce Yang
Source: Pixabay

The cryptocurrency market has managed to establish a stronghold in some countries like the United States and China. However, information pertaining to the market differs between the two countries, partly due to the language barrier.

Joyce Yang, the Founder of Global Coin Research, spoke about how Weibo, the Chinese version of Twitter, differed from American Twitter in terms of information about cryptocurrencies, on Anthony Pompliano’s podcast ‘Off the Chain’.

Yang took the example of Tron, stating that their marketing techniques contained different messages for their Chinese counterparts when compared to the ones in the US. According to her, this is not just in online media. In fact, even the content that CEOs like Changpeng Zhao of Binance provide to the media of the two nations differ significantly, she said.

Interviewers in China ask more direct questions to CEOs and the reporters have more access to them compared to the US, said Joyce, who is well-versed in Mandarin and translates interviews. This is when Yang discovered that some pieces of information provided by crypto-personalities were never made available in English interviews or to crypto-followers in the West.

This gap in terms of information also exists online. Yang explained that Asian crypto-followers were aware of the happenings in the American market. However, according to her, it is not the same with American crypto-followers, which casues a knowledge gap.

An increased rush of funds and projects is coming to the US from Asian countries. Tron, for instance, entered the US market after having achieved a strong position in the Chinese market. According to the Founder of Global Chain Research, Tron along with EOS and Binance could be the most valuable companies in Asia continuing to run in the long-term as they have the money.

However, talking about Bitcoin and China, Yang was of the view that China would be the hardest place for Bitcoin [BTC] to replace fiat. China creates and manages a narrative wherein Yuan is readily made available for people to use. The only use of Bitcoin for them will be to carry out international transfers.

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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long





Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”

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