Bitcoin ETF

Yuan

Joe Biden

Impact

Rise

In a recent development within China’s mobile payment sector, Tencent Holdings has been instructed by Chinese regulators to decrease the market share of its WeChat mobile payment service. This directive emerges just weeks following the initiation of a pilot for the digital yuan in Hong Kong, signaling a significant shift in <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-presales" rel="noopener noreferrer nofollow">the digital currency landscape</a>.
<h2 class="p1" id="strategic-shifts-in-china-s-mobile-payment-market">Strategic Shifts in China’s Mobile Payment Market</h2>
Tencent is facing regulatory pressure to specifically reduce the in-person payment market share through QR codes, rather than online shopping transactions, according to a report by Nikkei which cites three sources familiar with the matter. Although exact figures for the desired reduction in WeChat Pay’s market share have not been disclosed, insiders close to the situation have noted that WeChat is intentionally not pursuing user expansion due to concerns over the risks associated with becoming too large.
The mobile payment ecosystem in China is predominantly controlled by WeChat Pay and Alipay, operated by Ant Group, despite the existence of around 185 non-bank payment institutions. This regulatory push aligns with Beijing’s broader ambitions to bolster the adoption of <a href="https://www.china-briefing.com/news/china-launches-digital-yuan-app-what-you-need-to-know/" rel="noopener noreferrer nofollow">its government-supported digital currency</a>, known as the digital yuan or e-CNY. Since its initial rollout in 2020, the digital yuan has faced challenges in gaining widespread acceptance, partly due to reservations about its non-interest-bearing nature and restricted utility. For instance, Sammy Lin, an account manager at a state-owned bank in Suzhou, expressed a preference for not storing funds in the e-CNY app due to the lack of interest.
<h2 class="p1" id="expanding-digital-yuan-strategic-moves-in-hong-kong-and-the-impact-on-china-s-mobile-payment-market">Expanding Digital Yuan: Strategic Moves in Hong Kong and the Impact on China’s Mobile Payment Market</h2>
The recent regulatory move is also closely timed with the launch of the digital yuan’s first pilot outside mainland China, now available in Hong Kong. The Hong Kong Monetary Authority has stated that local residents can recharge <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-exchanges" rel="noopener noreferrer nofollow">digital wallets</a> with a maximum of 10,000 CNY (around $1,385) through 17 retail banks, although peer-to-peer transactions are not permitted.
The lucrative nature of <a href="https://www.statista.com/statistics/1243879/china-mobile-payment-penetration-rate/" rel="noopener noreferrer nofollow">China’s mobile payment market</a> is underscored by recent figures from consultancy firm Analysys, which reported over 92 trillion yuan (approximately $12 trillion) in mobile transactions through third-party service providers in the first quarter alone, with QR code transactions accounting for 15.59 trillion yuan of this total.
By decreasing WeChat Pay’s market share, the Chinese government aims to provide more opportunities for the digital yuan to establish itself more firmly within the everyday financial activities of Chinese citizens, part of a larger strategy to ensure that private tech companies do not overshadow state-backed initiatives.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 China's regulators have asked Tencent Holdings to lower the mobile payment market share of WeChat just a few weeks after Beijing started the digital yuan pilot in Hong Kong<a href="https://t.co/7qQRYo0g3o" rel="noopener noreferrer nofollow">https://t.co/7qQRYo0g3o</a>
 — crypto.news (@itscrypto_news) <a href="https://twitter.com/itscrypto_news/status/1796471692614844659?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 31, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 class="p1" id="playdoge-a-promising-new-entrant-in-the-crypto-presale-arena-with-a-unique-p2e-twist">PlayDoge: A Promising New Entrant in the Crypto Presale Arena with a Unique P2E Twist</h2>
In the dynamic world of cryptocurrency, Doge-themed memecoins have consistently captured the interest of investors, particularly those who favor memecoins. The newly introduced PlayDoge is specifically designed to attract this audience with its distinctive, lore-based narrative. The story, crafted by developers, imagines a scenario where the iconic Doges, symbols of a popular meme, have vanished. This narrative unfolds through the PlayDoge app, where a fortunate meme trader discovers the lost Doges in a nostalgic, pixelated 8-bit video game setting that evokes the early 1990s.
The development team of PlayDoge is positioning it as <a href="https://insidebitcoins.com/visit/playdoge" rel="noopener noreferrer nofollow">the premier Doge-themed gaming cryptocurrency</a>. This approach has quickly garnered attention, as evidenced by the rapid growth in social media engagement and activity in the project’s presale phase, which is a recent development.
Central to the project is a mobile application that allows users to adopt and raise their own Doges as virtual pets. These pets can then participate in games within the app, earning rewards for players. These games and all major interactions within the <a href="https://insidebitcoins.com/visit/playdoge" rel="noopener noreferrer nofollow">PlayDoge ecosystem are facilitated through the use of the PLAY token</a>. This token, which is still in its presale stage, not only functions within the game but also offers staking opportunities to investors, enhancing its utility and appeal.
Currently priced at $0.00451, the PLAY token is in the initial phase of its presale. It is anticipated to increase in price with each subsequent presale phase. The token’s total supply is 9.4 billion, and it operates on the Binance blockchain. Additionally, the token’s security and reliability have been validated through a successful audit by SolidProof, making it an appealing option for investors seeking high-potential presale projects.
<a href="https://insidebitcoins.com/visit/playdoge" class="su-button su-button-style-3d" style="color:#000000;background-color:#F9A602;border-color:#c88502;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px" target="_self" rel="noopener noreferrer nofollow"><span style="color:#000000;padding:0px 24px;font-size:18px;line-height:36px;border-color:#fbc14e;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none"> Visit PlayDoge</a>
<img decoding="async" class="wp-image-528649 aligncenter" src="https://insidebitcoins.com/wp-content/uploads/2024/05/playdoge-1024x576-2.png" alt="" width="500" height="281" srcset="https://insidebitcoins.com/wp-content/uploads/2024/05/playdoge-1024x576-2.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/05/playdoge-1024x576-2-300x169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/05/playdoge-1024x576-2-768x432.png 768w" sizes="(max-width: 500px) 100vw, 500px">
Related News
<ul class="ul1">
 <li class="li2"><a href="https://insidebitcoins.com/news/chinas-digital-yuan-will-be-compatible-with-wechat-pay-and-alipay" rel="noopener noreferrer nofollow">China’s Digital Yuan Will Be Compatible With WeChat Pay and Alipay</a></li>
 <li class="li2"><a href="https://insidebitcoins.com/news/joe-biden-orders-ousting-of-china-backed-crypto-mining-firm-near-us-missile-base" rel="noopener noreferrer nofollow">Joe Biden Orders Ousting Of China-Backed Crypto Mining Firm Near US Missile Base</a></li>
 <li class="li2"><a href="https://insidebitcoins.com/news/chinas-harvest-may-be-first-fund-manager-to-launch-a-spot-bitcoin-etf-in-hong-kong-later-this-month" rel="noopener noreferrer nofollow">China’s Harvest May Be First Fund Manager To Launch A Spot Bitcoin ETF In Hong Kong Later This Month</a></li>
 <li class="li2"><a href="https://insidebitcoins.com/news/hong-kong-set-to-trial-digital-currency-for-mortgage-pricing" rel="noopener noreferrer nofollow">Hong Kong Set to Trial Digital Currency for Mortgage Pricing</a></li>
</ul>

Adjusting Market Dynamics: Tencent’s WeChat Pay and the Rise of Digital Yuan

Съдържание

Inside Bitcoins

Други статии, публикувани на 31.05.2024 г.

CryptoQuant CEO Foresees Similar Bitcoin Whale Growth as in 2020

MoonBag Crypto Presale Enters the 4th Stage, Leaving Dogecoin and Dogeverse Behind.

Unchained and University of Austin Introduce First Bitcoin Endowment Worth $5 Million

Grayscale Commissions Flow Traders To Sell $21.75M In ETH, What’s Next?

Apu Memecoin Soars, Reaching 11,600 Token Holders with Strong Community Support

As Crypto Markets Fluctuate, Is Chimpzee a Safe Haven for Crypto Investors?

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!