No Chinese Internet Giants in the Cryptocurrency Industry

3 min reading

Chinese giants of the Internet have no intention of following the example of Facebook and enter the world of cryptocurrencies. Nevertheless, they will certainly pay attention to this case.

WeChat adverse for a long time

Pony Ma, the head of Tenecat, that is a communicator managing the WeChat, said that in his opinion the key to the success of Libra cryptocurrencies are the relevant legal regulations. On his profile at WeChat he wrote in a private discussion:
Facebook technology is already very common, so it will not be difficult to implement it. It all depends on whether it will be able to fit into relevant legal regulations.
All this is related to Ma's previous speech, in which skepticism about the idea of cryptocurrency was apparent. In March 2018 he said:
The genius of blockchain technology depends on the way it is used. Entering your own cryptocurrency, though, still carries too much risk. Tencent has no plans about creating its coin and is not considering participation in cryptocurrency industry.

Ant Financial

The CEO of Ant Financial, Eric Jing, shows similar view. The company from the fintech industry does not change its opinion - it prefers to focus on introducing and improving blockchain technology, rather than on introducing cryptocurrencies. It extends its activity to foreign markets and cooperates with regional payment platforms as well as offers services to local customers.
Reasons for such decisions
In 2017, the Chinese central bank banned cryptocurrency throughout the country. China Software Developer Network (CSDN) Vice President, Yan Meng, said that the disintegration of the Facebook user base all over the world left him with no option but to borrow ideas from blockchain and cryptocurrency in order to run the payment service faster.
Facebook can not pay by traditional methods. They require additional licenses and preparation of financial reserves from local banks for this circumstance.
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