Cryptocurrency News

Foxconn Wants Facebook’s Libra With Digital Currency of China in Taiwan

The founder of Foxconn, the Taiwan-based manufacturing company, Terry Gou, wants to bring Facebook’s cryptocurrency Libra with the digital currency of China in Taiwan.

Recently, the billionaire of Taiwan, Gou, said that introducing Libra in Taiwan will boost the country’s status as an international financial hub. He wants to connect Libra with the official digital currency of China, which is created by the People’s Bank of China.

Gou also said that the mainland of China is not ready to accept the Libra. They are building their digital currency, and Taiwan has a great chance to converge two different systems. Now, regulators in Taiwan come with a legal system for decentralized finance technologies. According to Gou, these fintech projects will be an advantage for semiconductors and crypto businesses. He declared that he would introduce a blockchain soon.

Foxconn deals in manufacturing small liquid crystal display screen, and currently, it started working on building the Wisconsin plant. This company is the largest manufacturer of electronics, with $173 billion of revenue last year. This firm develops electronic parts, smartphones, and computers for famous companies like Apple, Microsoft, IBM, Dell, Sony, and Lenovo.

Gou will introduce Libra in Taiwan by launching a book on the currency. Foxconn is supporting blockchain projects in other companies, as well. Like, Sirin Lab which is developing Finney, which is a blockchain-based mobile phone. Foxconn is helping Sirin for its blockchain development.

In the previous year, the Financial Supervisory Commission (FSC) of Taiwan boosts its rules and regulations on crypto assets by applying anti-money laundering (AML) practices on Bitcoin trading.

BitoEx is the most significant crypto wallet in Taiwan and provides exchange services to 80% of the local market. It sells bitcoin via ATM in more than 5,000 stores. Recently in May, the company declared that it had lifted the coin offering by $10 million in the first five hours. Then, in November, the financial authorities of Taiwan checked the crypto-asset purchases. It resulted in such a way that the firm should have ID to buy bitcoin through its platforms.

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