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​Digital currency domestic in China will attract business from Alipay

2019-08-19 10:19 am | Resource: News Section | No Views : 26

​Digital currency domestic in China will attract business from Alipay China's answer to Digital currency Libra, announced by Facebook in June this year, could help the central bank attract business away from Alipay and WeChat Pay.
Cindy Wang, an analyst at DBS Group, said in an interview with major media in the South China Morning Post (SCMP) on Monday, August 19 that Beijing could benefit from the attractiveness of the country's cryptocurrency. For traders.
According to Wang, the payment giants Alipay and WeChat Pay account for nine out of every ten transactions in China, which is a very large percentage of course, accounting for almost 90% of the country's transactions.
In addition, Digital currency can help reduce capital outflows.
Wang added:
"Banks are currently under pressure to maintain their deposit base, because with money market funds being distributed by third-party payment providers such as Alipay or Tencent, some inactive funds held in mobile payment accounts are leaked from the banking system."
He also noted that the cryptocurrency of China's central bank will not compete with the traditional yuan.
China's international express code is reported to be ready for issuance, although it cannot be called cryptocurrency. Under the auspices of its central bank, the People's Bank of China (PBoC), preparations accelerated following the emergence of Facebook's Libra currency, which authorities identified as a potential threat.
More details were revealed last week, with Mo Changchun, deputy director of the People's Bank of China, asserting that the payment method would not seek to compete with the yuan or take over any of its current functions.
"The current resources could be used to support and develop commercial banks and promote the digital currency smoothly," he said of their emissions, but will the Chinese government rethink the idea of ​​banning cryptocurrencies in the country at the moment, or will it be different from that? The market has been rejected in the country so far.

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