Facebook’s decision to embark into the crypto realm doesn’t offer much enthusiasm for Chinese top payment firm as it was reported by Coindesk. According to the reports, several top payment companies in the nation also known as ‘Middle Kingdom’ have no plan whatsoever in following FB’s footstep in the crypto world.
Massive internet based conglomerate, Tencent, is one of those that are not having any plan in embarking into making their own cryptocurrency anytime soon. As it was stated by the firm’s CEO, Pony Ma, back in 2018 their company doesn’t have any plan in issuing coin or even considering to get involved in it.
Moreover, in his latest statement, Ma added that Facebook’s decision in issuing its own stablecoin, Libra, was because of the social media’s mature technology. Already having such advancement it’s not too difficult for FB to get themselves involved in that matter, though there’s still an issue with regulations.
Meanwhile, Ant Financial, which is a payment firm affiliate with major e-commerce retailer Alibaba, also having similar stance as Tencent. According to the firm’s CEO, Eric Jing, their company are distancing themselves from any digital currencies that doesn’t have real value, though they remain keen in using blockchain technology to improve their service.
In addition, already having their own online payment methods with WeChat along with AliPay, China doesn’t feel the need of or demand for having crypto stablecoin in the local market. People in the country seems to be satisfied with the method of payments that they are experiencing at the moment.