Tencent Views Libra as Legitimate Competitor to WeChat Pay | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Libra’s troubles and downfalls often make headlines, but the potential impact of the system, if it’s allowed to ship, is greatly ignored. Chinese tech giant Tencent has acknowledged that Libra has the ability to genuinely threaten the global payment rails. Libra is not a rival to just WeChat Pay, but the entire banking and payments industry, as reported by EjinInsight, October 24, 2019.
Digital payment providers like Venmo, PayPal, WeChat Pay, and AliPay will, for once, be on the side of American regulators. Facebook has an alarming amount of control over people’s lives, and adding financials to this is a frightening thought for stakeholders across the spectrum.
A recent whitepaper from Tencent confirmed this, stating that Libra can disrupt the entire sector, spanning from banks to internet native payment processors. Surprisingly, China ranks as #1 on Google search trends for the term “Libra”.
There seems to be something larger at play with Libra. A simple payment system would not irk regulators to this level; the implications of this move seem to be at the heart of their worries. From social media giant to public sentiment manipulator, and now a potential bank-slayer, Libra’s ability to disrupt global industries cannot be accurately forecasted.
The risk of a monopoly forming is obviously a key aspect of the regulatory agenda. Given the fact that the global reach and existing customer base of Libra Association companies is more than half the world’s population,