Libra’s Success Will Cause Financial Upheaval: China Construction Bank Exec

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A senior executive from one of China’s big four state-owned banks has highlighted the profound disruptive potential of Facebook’s plans to launch its own cryptocurrency.

Speaking at the 2019 Summer Davos forum held in the north-eastern Chinese city of Dalian on 1 July Huang Yi (黄毅), vice-president of China Construction Bank, said that the internet had already changed the financial ecosystem, and that in future fintech based on the use of blockchain, cloud computing and big data would create even bigger challenges.

Huang highlighted the disruptive potential of cryptocurrencies, stating that “if Libra is successful, it won’t just be a challenge for the financial sector, but an upheaval.”

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