China: a cryptocurrency with WeChat and AliPay

China: a cryptocurrency with WeChat and AliPay

The Chinese Central Bank would currently be working on the creation of a cryptovaluta that allows the Asian country to protect its monetary sovereignty. The existence of the project would be confirmed by a first official communication regarding the deputy director of the Mu Changchun payment division.

The initiative could be motivated by the need to protect local monetary balances in view of the launch of Libra, various banking authorities including European ones have indeed stated that the virtual currency of Facebook could lead to a future decline in demand for several currencies currently in common course.

The details regarding the Chinese cryptoovaluta would still be few, but in the promoters' intentions it would have to introduce some very particular characteristics among which the possibility to conciliate anonymity and fight against the money laundering and the guarantee to work also in the case in which is not available a Internet connection.

For the implementation of the project, some of the most widespread High Tech platforms in China, such as the instant messaging application, would have already been called into question. WeChat (which already supports payments via mobile devices) and AliPay, the electronic payment system designed by the Alibaba group.

If this virtual currency were to be truly introduced into the Chinese market, it could only present anomalies with respect to "traditional" cryptocurrencies, it would indeed be a solution controlled in all its aspects by a central bank and would not have those characteristics of decentralization and independence which are proper of Bitcoin and other digital uniforms.

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