October 17, 2019
Facebook’s (NASDAQ: FB) cryptocurrency Libra could be key for the US to beat China in developing a digital currency for emerging markets, according to Market Insiders, citing RBC Capital Markets.
RBC analysts believe that China “expedited its development” of the yuan-backed Central Bank Digital Currency (CBDC) after Facebook revealed its cryptocurrency plans back in June.
“If US regulators ultimately dismiss Libra and decide not to draft regulation to encourage crypto innovation in the US, China’s CBDC may be strategically positioned to become the de facto global digital currency in emerging economies,” RBC said in a note to clients on Tuesday.
The analysts also noted that China has the advantage of spreading the digital currency throughout popular messaging and payment apps such as Alipay, WeChat, and UnionPay.
“We believe that messaging apps represent the greatest opportunity to onboard consumers to digital wallets which could lead to a greater consumer adoption of digital currencies,” RBC said.
While China is ramping up its cryptocurrency project, Libra has come under scrutiny since its announcements. Consequently, several of its largest investors such as Visa, MasterCard, and eBay have backed out of the project.
However, companies such as Lyft (NASDAQ: LYFT), Uber (NYSE: UBER), and Spotify (NYSE: SPOT) are still on board and backing Libra. RBC believes that other companies are interested in joining Libra.
“If a clear regulatory roadmap is developed and Libra launches successfully, we would not be surprised to see these firms reapply to the association,” RBC said.
Breaking News: Wearable Health Solutions Inc. Launches New Direct-to-Consumer Website to Expand it’s Market Share into $8.20 Billion Global Personal Emergency Response Systems Market
Wearable Health Solutions Inc. (OTC: WHSI), a leading provider of wearable health solutions, is delighted to announce the launch of its new Direct-to-Consumer website, https://www.1800medalert.com/. This exciting development aims to bring their...
Boeing Profits Slide in First Quarter as Pandemic Weighs
The Boeing Company (NYSE: BA) stock jumped more than 8 percent Wednesday after it has reported first-quarter financials. The major manufacturer of commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch...
Conduent Collaborates with Amazon Web Services to Help Government Improve COVID-19
Conduent Incorporated (NASDAQ: CNDT) announced Thursday that its disease surveillance and outbreak management platform, Maven®, is now available on Amazon Web Services (AWS). According to the Company, the Maven solution was recently configured to...