Bitcoin Gets Rejected In China Again As Libra Is Compared To Alipay And Wechat Pay

China has once again shown pessimism on Bitcoin. This time, according to Globaltimes, bitcoin fell short of recognition amongst the likes of Libra, Alipay and Wechat Pay.

China said a few good comments about Libra this week, and according to report, the country has considered it to be very similar to payment systems like their locally used alternatives like Wechat Pay and Alipay.

In a globaltimes report which explicated on the obvious similarities between Chinese payment systems and Libra as well as the various uses cases of the highly controversial Facebook project, Libra was expressed to be “independent,” “stable,” “convenient,” and “safe.”

Further, “Libra, unlike other cryptocurrencies, has a stable currency value and is convenient and safe to use in cross-border transactions,” writes Li Daokui, author of the op-ed. “In fact, Libra is in many ways the same as Alipay and WeChat Pay. The difference is that Alipay and WeChat Pay are directly pegged with the yuan – 1 yuan in an Alipay or WeChat Pay account equals 1 yuan of fiat money – while Libra is pegged with a basket of currencies. This difference indicates Libra is an independent currency and one that could very well grow into an important super-sovereign currency.”

Although this consideration does not particularly mention any cryptocurrencies like bitcoin, it does consider the immutability of sovereign currencies of which Libra shows similar qualities. Further speaking on the matter, Li Daokui maintained that,

“China should take advantage of WeChat Pay and Alipay, among other technological innovations, to increase the cross-border use of the yuan and accelerate the yuan’s internationalization,” he says. “The nation should also take an active role in the operation and management of Libra, to establish a foothold in the future international currency battlefield.”

Bitcoin Always Falls Short Of China’s Recognition

This news comes after China, earlier this year, placed other cryptocurrencies like EOS ahead of bitcoin on their list of top cryptocurrencies. Bitcoin also fell short of recognition as it couldn’t make the top 10 of the list where Ethereum had also managed to secure a spot.

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