Libra can Converge with China’s Digital Currency

Libra can Converge with China’s Digital Currency

Throughout clasping Libra, Taiwan could boost its status as an international hub. They don’t want to criticize Libra project. Terry Gou, founder of Foxconn and a Taiwanese billionaire also paid a very positive verdict on the issue. He also told the island could connect Libra with the digital currency being developed by the People’s Bank of China.

He wants to bring Libra in Taiwan. But China opposed accepting China and it built its own digital currency. So it gave a huge chance to Taiwan for becoming the converging point of congregating of both currencies. But Taiwan should develop a strong legal system for this decentralized finance technologies.

Descending upon Politics from Foxconn

Substantial economic and political clout had been brought in by Gou in 1976. Foxconn is a Taiwanese multinational electronics contract manufacturing company with its headquarters in Tucheng, New Taipel, Taiwan. The company has a market capitalization of $33 billion. Gou wanted to pursue the 2020 presidential bid which just excluded from the race after stepping down as Foxconn’s chairman.

He was in favor of bolstering blockchain technology adoption and education. To promote Libra, he has taken a decision to publish a textbook over the currency for the Terry Gou Institute aiming at practicing the island’s next generation of political and economic leaders.

Crypto

The tech giant, Foxconn, is in relation with several crypto projects. For example, the company has partnership with Dianrong, a peer-to-peer lending platform, for members of its supply chain. Non-bank lenders are making direct loans in supply chains worldwide through the project.

HCM Capital, which led a $7 million series A round in Cambridge Blockchain, which is the investment arm of Foxconn is one of the big investors for crypto venture capital Galaxy Digital. Foxconn made an investment of $16 million Series B funding round in the bitcoin remittance app Abra. The company has also pushed blockchain projects for other companies, which is going to extend the crypto space. The company made an investment of $16 million Series B funding round in the bitcoin remittance app Abra.

Adoption of Crypto by Taiwan

Taiwan with its 23.8 million residents has concretized policies to improve the crypto space. With this goal, FSC, Financial Supervisory Commission, enforced a strong anti-money-laundering practices on bitcoin previous year. BitoEx is an exchange as well as wallet based in Taiwan use to sell bitcoin through ATMs has 80 percent of the local market.

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