Alibaba launched the payment system on the blockchain

In January close to the leadership of Alibaba, the sources said that the company intended to create a platform for mining. Later, the employees of the company denied this information.

Now Alibaba has officially launched the payment system on the blockchain — but it is only available to citizens of Hong Kong and the Philippines. This writes CNBC.

Corporations blockchain

According to the company, annually Filipinos who live and work in Hong Kong, sent home tens of billions of dollars. The new payment system will allow them to save on Bank charges and speed up transactions, said the head of Alibaba Jack MA.

A distributed registry will change our world more than many think technology is greatly underestimated. Traditional banks serve 20 percent of the people earn 80 percent profit. The blockchain can turn this equity to 80 percent of people will be able to benefit from financial services, and the company will receive a 20 percent profit.

For the development of the payment system will respond to a unit of Alibaba Ant Financial, and a service transaction is the largest Bank Chartered Hong Kong Standard. In the event of a testing service, the company will launch it in other countries and cities around the world.

The head of Alibaba added that it still refers to the cryptocurrency with caution. According to him, the digital assets is unreliable, and the market has signs of a financial bubble.

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