Facebook made its cryptocurrency announcement on 18th June 2019. In less than 24 hours, Governments around the world asked for a review or a temporary suspension of the project. The Social Media Giant has been called upon to clear the concerns that regulatory watchdogs have.
Moreover, the cryptocurrency has created news all around the world. Reportedly, Chinese citizens have started to take a keen interest in the cryptocurrency. Dovey Wan, an Analyst, tweeted,
Libra appears on the hot searches of ImToken, biggest Chinese crypto tracking app This is the best way to be on the pulse of Chinese crypto scene, many on the list are unknown in the west as “资金盘” – sophisticated designed monetary scam like VDS (this alone deserves a thread)
However, the irony here is that the current regulatory environment makes it highly unlikely that Libra will be made available in China. The primary reasons for it are,