Facebook Libra, according to recent research ranked third among the most searched keywords on Chinese search engines like Weibo. The first two are “Chinese Movie Star” and “Mona Lisa” respectively. This drastic turn of popularity showed that the Chinese were probably more interested in Libra than any other cryptocurrency, even bitcoin.
Libra Failed Against The Senate But Left Footprints
The idea of Libra seemed to have left a footprint on the hearts of many people across the globe despite its delayed development and protracted regulatory demands.
Recently, a survey in the U.S. showed that more Americans have heard about Bitcoin and Libra than Ethereum (ETH), Litecoin (LTC) and Ripple’s XRP. In the long run, the popularity of Libra only grow across the globe and this may signify the bias of a vast majority of people, regarding the services that Libra promised to render.
Libra Gets Popular In China, Thanks To The Chinese Government
The Chinese government must have played an important role in bringing Libra to the limelight, especially in China. However, they seem to have a different approach. As China recently made a show of supporting cryptocurrencies again and even protecting them by the law, one of the most reasonable propositions tendered by the financial bodies of the country is the issuance of a national cryptocurrency. This was believed to be a countermeasure to the acceptance of Libra in the country and providing something better in its place.
Last month was full of dramas in preparation for the recently conducted Senate hearing in which David Marcus, head of Libra presented Libra’s use cases to the U.S. Congress and answered some important questions. Happening before that was a vast disagreement expressed by various regulatory bodies around the world.
The People’s Bank of China (PBoC) at the time made a swift move in order to antagonize Libra and prevent its use in the region. To support their argument, the bank proposed to build a national cryptocurrency whose development is yet unknown to the public. This was a measure to ensure that China was, however, ready for any challenges posed by the launching of Libra, which they believed was going to usurp many fiat currencies, possibly including the Chinese Yen.
Are the Tables Turning?
As the table of regulation finally turned towards the development of Facebook Libra, many countries ultimately did the opposite of what they had set out to achieve. They made Libra immeasurably more popular in its first month of an announcement than it would have been without any regulatory hurdles. Although Facebook still has some privacy scandal issue to its reputation presently, Libra hopes to atone for these transgressions with the immutable technology of decentralization characterized by a blockchain.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com