China To Lead the World in Google Search for Facebook’s Libra
Google Trends data is not the only source proving the massive spike of interest of China to Facebook’s Libra. China’s Sina Weibo, the country’s biggest social media network, has also recorded an increased popularity of Libra.
China-focused online Twitter resource Cnledger reported today that queries for “Libra will compete with Alipay and WeChat” is now the second most popular search on Weibo.
Meanwhile, David Marcus, head of Facebook’s blockchain subsidiary Calibra, has recently confirmed that the company is planning to compete in its payment solution with Chinese payment giants such as Alibaba Group Holding’s Alipay and Tencent Holdings’ WeChat Pay. Marcus acknowledged the intention during the hearing on Libra with the Financial Services Committee of the United States House of Representatives on July 17.
On July 8, China’s central bank announced it started working on its own digital currency in response to Facebook’s Libra as it could pose a risk to the country’s financial system.