China digital currency could revolutionize global payments


Source: otcpm24.com otcpm24.com

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China is well on its way to becoming a cashless society. More than 600 million Chinese already use Alibaba’s Alipay and Tencent’s WeChat Pay to pay for much of what they purchase. Between them, the two companies control approximately 90% of China’s mobile payments market, which totalled some US$17 trillion in 2019 . A wide variety of sectors throughout China have since adopted Blockchain to pay bills, settle disputes in court, and track shipments. The Chinese government understands that via Blockchain, the issuance of its own cryptocurrency is an excellent way to track and record the movement of payments, goods,...