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China Isn’t Replacing WeChat Pay and AliPay Payment Rails Yet – Blockworks

China Isn’t Replacing WeChat Pay and AliPay Payment Rails Yet – Blockworks



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2 Comments

  1. >Given the two apps popularity in China they control a significant amount of the supply of M2, or commercial bank money. This is problematic for any central banker, as they cannot exert the same amount of control on M2 as they can on cash. 

    MO for launching PoohCoin.

    Edit: okay I was not aware that this shitcoin exists. So XiCoin or whatever lol.

    Edit 2: okay what the fuck. How does XiCoin exist as well, how many shitcoins are out there.

  2. tldr; The People’s Bank of China has banned the use of WeChat Pay and Alipay for “money collection” in order to prevent identity theft and embezzlement via such platforms. The PBoC is mandating that businesses only use business payment codes instead of personal ones. This is a common scheme for small family-run businesses.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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