The Chinese internet behemoth, Tencent Holdings, says Facebook's proposed Libra coin poses a significant threat to current digital payment systems, according to a report by Ejinsight today.
Tencent noted in a blockchain whitepaper that Libra will affect the traditional financial institutions, as well as internet companies that built up relatively mature payment ecosystems, like its own WeChat Pay and Alibaba Holdings' Alipay. The company thinks that Libra can disrupt the global payment space, giving that the project saw a very high interest across nations, especially in China, after the announcement in June.
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