RATE Group | WeChat to Enter Cryptocurrency Game, Compete With Facebook, Telegram and WhatsApp?
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WeChat to Enter Cryptocurrency Game, Compete With Facebook, Telegram and WhatsApp?

12 Jul WeChat to Enter Cryptocurrency Game, Compete With Facebook, Telegram and WhatsApp?

Posted at 01:59h in Cryptocurrency News by

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The People’s Bank of China (PBoC) has begun to talk about an officially sanctioned cryptocurrency.

A couple of years ago, the PBoC initiated stringent measures against Bitcoin and cryptocurrency activities. The impact of this decision reverberated across the entire blockchain ecosystem. As a matter of fact, the share market size of China alone, based on her population is enough to earn it some significant recognition.

China’s answer to Facebook’s currency

In June 2019, Facebook released a whitepaper and announced its intention to launch a native cryptocurrency, Libra. The purpose of this cryptocurrency which is expected to be launched by the middle of 2020 will be to settle payments on the giant social media platform that has over 2 billion registered members.

Not long after this, did the report on PBoC’s intention to embark on its own cryptocurrency project emerge. A decision that has got many eyes rolling, and a lot of people suggesting that it is a counter…

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