China has an answer to Facebook currency Libra – WeChat to Enter Cryptocurrency Game

The People’s Bank of China (PBoC) has initiated a talk about an officially sanctioned cryptocurrency. Pundits were asking this question, how could China stay behind in the race of cryptocurrency?. The questions were circulating especially when Facebook is all set to launch Libra in the year 2020 for its 2 billion active user base.

Just over a couple of years back, the People’s Bank of China (PBoC) took strong steps against Bitcoin and cryptocurrency activities in the country. After Facebook’s currency introduction, PBoC’s intention is clear.

They want to launch their own cryptocurrency for a massive Chinese population.

Although it is too early to speculate, the Chinese biggest chat app WeChat is tipped as an ideal app to launch the cryptocurrency, DashNews reports. If this happens, WeChat will be competing With Facebook, Telegram and WhatsApp.

WeChat is huge, it has about 1.1 billion monthly users. Rest assured, this number projected by the Chinese company Tencent would be original and trustable as compared to Facebook’s estimated number of registered users where a lot of ID’s are allegedly fake.

As Facebook senses tough competition from WeChat, it is already sliding to WhatsApp to take the first mover advantage. WhatsApp Pay is going to launch in India, giving more competition to the messaging app payment scene.

The financial industry is going to go through some major disruption in the near future. By making cryptocurrency accessible to their users by big players in the game, this will result in the growth of payment technology in the world.