Netizens and industry analysts were not convinced Facebook's crypto-currency Libra would challenge the dominant positions enjoyed by two major Chinese online platforms, although the hearings over the social media digital currency at Capitol Hill have aroused great interest from internet users worldwide.

During day two of the hearings, Libra head David Marcus answered questions from House Committee members over their concerns how the new crypto-currency would challenge monetary policies and national security, CNN reported Wednesday. 

Marcus said the company aims to compete with Chinese counterparts WeChat Pay from Tencent, and Alibaba's Alipay, according to a video circulating on Sina-Weibo. 

Since its announcement, Libra has been trending on Chinese social media, generating over 240 million hits and igniting online discussions. 

Some netizens have doubted whether the new digital currency would threaten Alipay and WeChat Pay. 

"In China, WeChat and Alipay are dominant, Apple Pay failed, even China Union Pay failed too. What's the magic of Libra?" asked Hu Guozheng, a capital market observer with over 100,000 followers on Weibo. 

Industry analysts do not believe Libra will experience much success as a commerce transaction tool or platform, especially when considering the concerns that have already emerged within the US political sphere.

"If such digital currency is issued by a private firm, how to regulate and manage it properly will be a huge question, which will also exert huge impact on current global currency," Liu Dingding, a Beijing-based veteran analyst, told the Global Times on Thursday. 

Still, as a hot trending topic, Libra has caught the attention of many Chinese high-ranking officials and analysts. 

Libra's strategy of receiving backing through a bundle of currencies probably represents the future of currency globalization, "and it's very necessary to pre-study and research on this trend to look up potential risks," said Zhou Xiaochuan, former head of the People's Bank of China, the country's central bank, in recent media reports.