Could tokenised deposits could supercharge cross-border transactions? Cross-border commerce has become a particular focal point for China amid a slowing domestic economy. Both Ant and its chief rival Tencent, which operates WeChat Pay, have been looking for ways to boost adoption of their mobile payment solutions beyond China’s border. Blockchain is seen as one way of bringing down transaction costs. At home, Chinese tech giants have been removing payment barriers as well, as JD.com recently started accepting Alipay. While China has made the most progress of any major economy in rolling out trials of a central bank digital currency (CBDC), there are not enough other countries with their own CBDCs to enable seamless cross-border transactions. This is why some see the momentum in the industry as favouring stablecoins. https://www.scmp.com/tech/blockchain/article/3284194/ant-ceo-eric-jing-touts-tokenisation-benefits-cross-border-transactions-fintech-week #A Glance of China 行摄中国 #Crypto

Sam Mendoza

a year ago

shared a chat session in group #A Glance of China 行摄中国 via #Crypto

Could tokenised deposits could supercharge cross-border transactions?
Cross-border commerce has become a particular focal point for China amid a slowing domestic economy. Both Ant and its chief rival Tencent, which operates WeChat Pay, have been looking for ways to boost adoption of their mobile payment solutions beyond China’s border. Blockchain is seen as one way of bringing down transaction costs. At home, Chinese tech giants have been removing payment barriers as well, as JD.com recently started accepting Alipay.
While China has made the most progress of any major economy in rolling out trials of a central bank digital currency (CBDC), there are not enough other countries with their own CBDCs to enable seamless cross-border transactions. This is why some see the momentum in the industry as favouring stablecoins.

scmp.com/tech/blockchain/.. 

 #A Glance of China 行摄中国 #Crypto