China might start rolling out its digital currency in the coming 2–3 Months, projected the managing associate of an investment company supported by Foxconn Technology Group. Jack Lee—HCM Capital’s Managing Partner—stated that China developed a framework known as the DCEP (Digital Currency Electronic Payment). That will facilitate its central bank to release a digital currency to commercial lenders and third-party payment networks such as WeChat Pay and Alipay, he explained. During the Singapore FinTech Festival, Lee told CNBC, “They already have all the network and system ready. I think it will be seen very soon, in the coming 2 to 3 Months.” He added the launch can begin as an experiment —not to reinstate physical money entirely.
HCM Capital has spent in several blockchain start-ups, as per Reuters. It is supported by Taiwanese electronics producer Foxconn that also invested in Japanese company SoftBank’s $100-Billion Vision Fund. Many experts have cautioned that virtual currencies can surge the perils of fraud, mainly terrorism financing and money laundering. But several administrations have not discovered a way to control the space. Daniela Stoffel—Switzerland’s State Secretary for International Finance—asserted that the anticipated launch of China’s digital currency can push authorities worldwide to decide how they wanted to use and standardize such technology.
On a similar note, visitors in China can now use WeChat Pay and Alipay instead of cards or cash. Reportedly, visitors to China can now use the country’s huge cashless economy. Alibaba-associated Ant Financial released the latest international version of its mobile payments application Alipay, saying that the first time business travelers and tourists can access mobile payments in China. Not to be left out, Tencent-controlled WeChat Pay declared that it will also start services for foreigners visiting China.
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