When it comes to Leadership 4-point-0, the theme of this year's Summer Davos economic forum, how fast executives react to changes in financial technology or "fintech" -- is essential. And that's especially true in the wake of Facebook's Project Libra. Changes can happen overnight, as the social media platform's digital currency project is now likely to be grounded. So what's next? Xia Cheng reports from Dalian.

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

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.

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

So how are they coping?

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.

XC, CGTN, DALIAN.