Anthony Pompliano, the co-founder of Morgan Greek Digital and a popular Bitcoin Proponent, recently spoke with Joyce Yang, the Founder of Global Coin Research, about the current cryptocurrency scenario in Asia.
On his latest session of “Off The Chain” podcast, Pompliano queried Joyce Yang on the current crypto-culture and also how people utilize the use of digital assets in Asia.
Joyce Yang said that according to recent statistics in China, only 15 percent of the total retail transactions were based on cash. The leading companies in China had also started inclining towards a cashless society. She mentioned that Ali Baba and Tencent, the major companies in China had a billion accounts across the country and provided their service to more Chinese individuals overseas.
She stated that the collaboration of banks and technology companies to work towards a cashless payment system was very comprehensive. Ali Baba and Tencent had their own financial branch which helped them accelerate the movement of a cashless society while retaining collective consensus with financial institutions.
Joyce Yang said that the people of China were habitually trained before the arrival of cryptocurrency per se, to use forms of digital assets. She said that the people were very quick to use Ali Baba payment methods and due to its simple user interface, it was widely adopted by most of the people.
Additionally, Joyce mentioned that Bitcoin was attractive to the people of China because it solved the issue of capital control and were able to easily transfer money across the world.
In other news, Donald Tapscott, the Executive Chairman of the Blockchain Research Institute, weighed in on the possible ban on cryptocurrency mining in China. He stated,
“It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”