Despite the skeptical attitude towards digital token industry, the Chinese government is considering the launch of national crypto-currency very soon. Digital currency is going to replace cash money and will be stored in electronic wallets controlled by commercial banks. It will lower transaction costs, operating costs, and can be used for various purposes. In October last year research institute of PBOC tested algorithms that could be used for new cryptocurrency launch and recently experts have applied for a patent of a new digital wallet. The research institute also presented over 40 patents for creation of new cryptocurrency. In 2017, China applied for patents for blockchain technologies in World Intellectual Property Organization (WIPO) more than any other country. Well known financial analyst Xiao Lei believes that ? China is ready for digital currency?. Digital transactions through Alipay and Ten Pay are over 1 trillion USD and the country should launch its own crypto money. If the Chinese government decided to launch it right then it might become the major token in the industry and even influence other cryptocurrencies. |
