Well-known jewelry chain is developing its own "Bitcoin" payment system

According to sources, the well-known jewelry chain Fuyuan Group is developing its own digital currency payment system. The new payment system will be used in multiple aspects of the jewelry industry, including development and manufacturing, creative design, trade sales, and cultural promotion. Currently, the new platform of the digital cryptocurrency project is still under development and testing, and the specific launch time has not been disclosed.

According to insiders of Fuyuan Group, the project is named "Fuyuan Coin" and is operated by the Sino-US Cryptocurrency Promotion Association. In the future, it will be used in all enterprises of the Global Jewelry Association. It will mainly convert this digital currency into points to create a decentralized business circle to promote business cooperation and expand the scope of business. At present, some large traditional companies in finance, trade, energy, etc. at home and abroad are trying to develop this new business model.

As early as 2014, Microsoft launched Permacoin to compete with Bitcoin, fighting against all security threats by protecting and distributing data in a decentralized and widely distributed system. Not long ago, media reported that Citibank is testing its own virtual currency Citicoin to help people make cross-border payments more conveniently and reduce the cost of transfers.

The world's eight top banks, including Citigroup, have extended olive branches to Bitcoin. BNP Paribas is studying the possibility of using Bitcoin as a money fund; Societe Generale is busy with virtual currency talent reserves; Goldman Sachs participated in the investment in the virtual currency company Circle; UBS will establish a blockchain laboratory in the London financial center; these giants are studying and exploring the potential of the underlying protocol of digital currency (blockchain technology). More traditional industries are trying to become pioneers in the virtual currency market. They believe that virtual currency provides unlimited possibilities for the transformation of the existing financial system. More business models can also be derived using virtual currency technology.

The CEO of Coinbase, a well-known Bitcoin payment company, once asserted that Bitcoin will replace the US dollar within 10 to 15 years. Anju Patwardhan, Chief Innovation Officer of Standard Chartered Bank, believes that decentralized currency such as Bitcoin will never become a viable legal currency alternative, but she pointed out that blockchain technology can reduce the fees of credit cards, transfers and remittances. Regardless of which statement is made, it is undeniable that Bitcoin or other digital currencies developed based on Bitcoin core technology have developed to this day, and are no longer just tools for arbitrage.