Bitcoin has been gaining a lot of traction In China over the years, as the majority of trading volume is originating from that country. At the same time, the People’s Bank of China has been opposing Bitcoin for quite some time now, leaving consumers to wonder how the future of digital currency will look. Now that WaCai, a top finance and accounting app in China has listed Bitcoin as a major currency, things could get absorbing over the next few months.
Also read: The Who’s Who of Bitcoin And Blockchain Technology
Bitcoin is A Major Currency According To WaCai
Mobile finance and accounting applications are becoming more popular all over the world as of late. Consumers want quick and convenient access to financial tools and services, and the mobile ecosystem seems to be the platform of preferences to do so. However, banks and other established financial institutions are playing catch-up in this regard, as independent companies and Fintech startups seem to be outcompeting them.
WaCai is one of the top financial and accounting applications for mobile users in China, and the company completed a successful round of US$50m back in December of 2014. That was not the first round of funding for this company, though, as they have seen their fair share of success since its inception in 2008.
Keeping in mind how WaCai is available for both iOS and Android users, there seems to be a huge market waiting to be tapped in China. More and more consumers are well aware of their financial situation, and they will be looking for advice on how to increase their wealth wherever they are, regardless of which device they might be using at that time.
It is interesting to note how the WaCai app mentions Bitcoin as one of the primary forms of currency, together with more traditional offerings such as CNY and USD. Although Bitcoin can be converted to and from just about any local currency in the world through various exchange platforms, the modern digital currency is not deemed to be “currency” in China right now.
Although it remains to be seen whether or not more people in China will decide to get involved in Bitcoin thanks to WaCai, it is kind of interesting to see the digital currency listed in their app. There is only so much a financial management application can do, and most consumers still don’t trust Bitcoin enough to take the plunge.
Source: CNLedger
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