Facebook’s Libra is ‘delusional’ project that will never succeed, says prominent Chinese political figure
- Huang Qifan, the former mayor of Chongqing, has joined the chorus of voices questioning Facebook’s Libra coin, saying the digital token is set to fail
- Issuing digital currencies that could compete with sovereign money is ‘delusional’, says the prominent Chinese political figure
A prominent Chinese political figure has joined the chorus of voices around the world raising questions about the viability of Facebook’s Libra digital currency, describing the coin as a “delusional” project that is destined to fail.
“Some companies are trying to challenge sovereign currencies by issuing bitcoin and Libra – this is delusional to me,” Huang said on Monday in his keynote speech at the Bund Summit, a financial conference in Shanghai.
“If commercial companies can issue various currencies, this world will be in chaos. That is equivalent to returning to the primitive society. This is ridiculous, so I personally believe that Facebook's Libra would never be a success.”
Some companies trying to challenge sovereign currency by issuing bitcoin and Libra – this is delusional to me
Working alongside now-disgraced Chongqing party chief Bo Xilai, Huang is best known as the architect of the city’s rapid economic rise from 2013 onwards, with the city’s gross domestic product (GDP) growth outperforming any other city in the country between 2014 and 2016, earning him the nickname “the CEO of Chongqing”. While Bo was jailed on corruption charges, Huang has moved on to become the vice-chairman at the China Centre for International Economic Exchanges think tank.