U.S. lawmakers Tuesday asked Facebook to put its Libra cryptocurrency project on hold. It's not entirely surprising, as skepticism about this potential global virtual currency system remains strong, even at this year's World Economic Forum (WEF) being held in China's northeast city of Dalian.

Tang Ning, CEO of CreditEase – a fintech conglomerate in China, considered it a complicated process, claiming that the idea is still on an early stage of the development process.

From Tang's perspective, the developement of virtual currency is on the very early stage, and has raised concerns around global regulators about how to colabarate this digital money with the global money flow system. "So it's a very complex process," Tang commented.

Michael Gorriz, chief information officer at Standard Chartered, was not surprised by that suspension but hoped a success if there is a second attempt.

"Digital currency has been for a while. And digital currency has to be safe for consumers and has to be convenient to use. Actually, only currency which sticks to that paradigm level will survive. And also digital currency has to comply with all of the regulations about money laundering and other things," Gorriz said.

A major concern is data leakage, a criticism Facebook has been unable to dispel due to previous misconduct. Critics say the vulnerabilities around data security of Libra could be exploited and obscured by bad actors.

Facebook already controls data from a quarter of the world's population, so the Libra project also has the potential user base and market scale to pose risks that endanger global financial stability. That's why Tang considered it as necessary for global central banks to "have authority, in terms of managing the currency."

Banks are fully aware of the challenges, as their business model could be destroyed by peer-to-peer virtual currency financing.

To cope with the potential risks, Standard Chartered has embraced the culture of engineering, which means all people are built, trained all the digital practices and technologies, according to Gorriz.

"We actually adopt the ways of working with all of fintech companies. And our system landscape is built on the way that they can adapt other technologies very easily. And we want to give our clients the investment possibility to invest in a cryptocurrency," he said.

Moving forward, if Facebook's Libra one day gets the go-ahead from regulators, it's unlikely to become a universal standard, because central banks will create their own digital currencies, to balance the power dynamics in the global monetary system.

(CGTN's Xia Cheng also contributed to the story)