Chinese are trained to use digital currency since before crypto: Yang

The co-founder of Proponent, a popular cryptocurrency and Morgan Greek Digital has been reported to have discussed the prospect of the crypto industry in the Asian continent with the founder of Global Coin Research, Joyce Yang.

In his latest episode of the podcast series titled ‘Off The Chain’, he asked Joyce Yang about the status quo and the extent of awareness regarding cryptocurrency in Asia.

Yang responded by stating that the latest statistics show that a mere fifteen percent (15%) of the overall retail payments are carried out in cash.

He added that most of the biggest companies in China are now showing an inclination towards adopting a cashless means of transaction in society.

Joyce said that the alliance between tech firms and banks working on developing a cashless society was very thorough and all-encompassing.

The Internet-based technology enterprise, Tencent and Ali Baba, the e-commerce giant had established their own personal financial branch to accelerate the adoption of a cash-free society while keeping ties with financial institutions intact.

She also said that Chinese society was already trained well enough to use various forms of digital currency before the advent of cryptocurrency. They did not have any trouble adapting to the online payment methods for Ali Baba, owing to their simplicity which was widely accepted.

Moreover, she added that the Chinese find BTC technology quite an attractive prospect because it takes care of the capital control issue and allows for a more feasible money transfer method all over the world.