The lawsuit is not the first Facebook has filed this year against a Hong Kong company.
TikTok has hired away more than two dozen employees from Facebook since 2018.
With Facebook announcing Libra, some central banks, including China’s, have felt the pressure to start exploring the possibility of having a sovereign digital fiat.
The Chinese central bank sees Libra as a rival and a direct threat to its yuan-backed DC/EP digital currency project.
The new digital fiat currency could be used on Alipay and WeChat Pay.
This week we’re joined by Zennon Kapron, director of Kapronasia, to look at what Libra means in a global context as well as China’s plans to launch its own digital currency.
The case is the latest in a series of offensives against Chinese companies found to be injecting malware in apps for financial gain.
The new blockchain platform that will enable financial institutions, enterprises, and exchanges to create their own digital assets and compete with cryptocurrencies such as Facebook’s newly announced Libra.
The social media giant’s foray into cryptocurrency is already drawing comparisons with Chinese e-wallet platforms.
Tech leaders in China, which has blocked both cryptocurrency trading and access to the social network, are paying close attention to Facebook’s digital currency project.