Is China's National Cryptocurrency a Threat to Tencent's WeChat Pay?

The People's Bank of China (PBOC) has been developing a state-backed cryptocurrency over the past five years. But unlike decentralized blockchain-based cryptocurrencies, which enable anonymous transfers, China's cryptocurrency is designed to tighten the government's grip on its financial system.

The PBOC will initially launch the cryptocurrency on a mobile wallet app, and let users trade their yuan for the digital currency or make payments on the platform. The central bank will also track the origins and destinations of every transaction.

Image source: Getty Images.

Source Fool.com