The cryptocurrency situation in China is pretty confusing as it is. With conflicting reports claiming exchanges will be shut down while trading still continues aren’t helping matters either. To make matters worse, a new mobile app featuring blockchain technology has launched on the iTunes store. This application lets users link their Bank of China debit card. It has nothing to do with Bitcoin or cryptocurrencies, but the timing is still interesting.

This mystery blockchain-related application is pretty interesting to take note of. A Blockchain e-wallet is the last thing people expected to see in the Chinese iTunes store right now. Given all of the turmoil surrounding ICOs and exchanges, it is unclear what the future will hold. With this new mobile app showing up out of the blue, things only get more confusing. It appears this wallet is developed by Beijing Arxanfintech.The details claim it features blockchain technology, although its exact features remain to be determined.

Mysterious Chinese Blockchain e-Wallet Causes Confusion

No one will be surprised there is no reference to Bitcoin or cryptocurrency within the app itself right now. Nor will there be in the future, as the government is still cracking down on cryptocurrency. Or so it seems, at least, yet no one can tell for sure what is going. It is unclear what the objective of this blockchain e-wallet is, to say the least. Being able to link a Bank of China debit card to this wallet is interesting but doesn’t much on its own.

It appears this blockchain e-wallet lets users sign up as a way to track their wallet balance and transfer money to other users. All of this is still rather vague, to say the least, and it doesn’t clarify the purpose of this particular app whatsoever. There is also a “red envelope” feature, which is pretty significant in China. It would have been quite a shocker to see this wallet mention Bitcoin or cryptocurrency in some capacity, though.

It appears a lot of people are simply looking into this matter too much. The app is not new either, as it only recently received a new update. However, its exact purpose is still a mystery. It’s possible this wallet has something to do with Bank of China and Tencent trialing DLT technology in one way or another. Whether or not this app is the result of that particular partnership, remains to be seen.  

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About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.