China Takes Lead In Virtual Currencies

Virtual currencies and blockchain technology are strong points for Chinese businesses as well. Bank of China has a system for secure automated cryptocurrency transfers, as well as technology for managing customer risk and transactions on the blockchain. Tencent's system for secure asset transfers between blockchains is highly regarded. China aims for dominance in the field as it seeks to reduce the dependence of global trade on the dollar and establish the yuan as a more international currency. The country is moving toward cashless transactions as a matter of national policy, while Chinese companies are working to embed their new technologies and services into other countries' financial systems. Hong Kong is vying with the U.S. on stablecoin development. https://archive.is/FA8dh#selection-2875.0-2879.264