Binance CEO Changpeng Zhao (CZ) took to Twitter on Oct. 25, saying that he had “got word” that WeChat Pay places receipts on the blockchain, together with a screengrab of a receipt with a hyperlink to a block explorer.
Why does CZ care a lot?
Globally, corporations in virtually each trade are implementing blockchain options, so why ought to CZ really feel the necessity to touch upon this one?
Perhaps it has one thing to do with a narrative from earlier this month, by which CZ introduced the launch of fee on-ramps for Binance in China, using WeChat Pay and Alipay fee providers.
Alipay was fast to refute the claims, saying that any funds associated to cryptocurrency have been banned from its service.
WeChat additionally confirmed its anti-crypto stance, and there’s no suggestion that WeChat Pay is something aside from a centralized fee system, using blockchain presumably for invoicing.
As Cointelegraph reported in March, China’s first blockchain-based digital bill for a subway experience was issued on the Futian Station within the Shenzhen Metro. This expertise was collectively developed by the Shenzhen Municipal Taxation Bureau and WeChat’s dad or mum firm and Chinese tech large Tencent.
Hypocritical or hyper-critical?
It might be that CZ is asking out WeChat for hypocrisy over its proclaimed anti-crypto place whereas implementing blockchain expertise. Or maybe he’s heralding WeChat for its use of blockchain expertise, regardless of its official stance on cryptocurrencies.
Little additional data is given, though some commenters have speculated that any blockchain hook-up that WeChat has might be powered by VeChain. According to experiences, there have been earlier experiments in blockchain expertise between VeChain and Tencent.
Meanwhile, Tencent lately admitted that Facebook’s proposed Libra stablecoin would pose a critical risk to WeChat Pay if it launched in China.
As reported at present, China’s President Xi Jinping known as for accelerated adoption of blockchain expertise within the nation calling it a “breakthrough” for personal innovation.
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