![]() ![]() Beijing Winter Olympic Village is scheduled to open on January 27, and the e-CNY will be piloted in the relevant scenes of the Beijing Winter Olympics. After the early multi-stage controllable pilot, Tencent began to provide users with e-CNY services. On similar lines, sometime back, Indonesia’s central bank also announced plans to launch a digital currency to ‘fight’ private cryptocurrencies. Tencent WeChat supports e-CNY payment Recently, e-CNY APP was upgraded, and the e-CNY Wallet on WeBank(WeChat Pay) was launched. Which in turn, creates a level playing field for new payment providers, as per the professor. Coinciding with the digital wallet release, the People’s Bank of China unveiled its FinTech Development Plan (2022-2025) today, which shows the importance. If your goal is investment or capital gains, eCNY is not a good choice. eCNY only exists to prevent capital fight and to allow China to know who's buying/selling from whom. Instead, to “provide a payment infrastructure that then provides interoperability for any payment provider, who wants to use that payment network.” The eCNY is expected to eventually replace the payment rails offered by WeChat Pay and AliPay, the leading digital payment services in the country, Blockworks previously reported. It offers no derivatives, no interest, and each eCNY is worth exactly 1 renmibi or 1 yuan. ![]() Therefore, going forward, Prasad explained that the idea to set up a CBDC should not be to directly compete with these payment providers. “I think there is a concern that these two major payment providers have dominated the payment space…now control massive flows of data.” project, with the payment product itself called the digital CNY or eCNY. Meanwhile, McKinsey also reported that e-CNY saw moderate adoption as WeChat Pay and Alipay remain popular options. WeChat payment accounts linked to bank accounts are now widely used to make. “PBOC is trying to create a digital currency that competes with these payment providers, for the use case for a CBDC I think, it’s actually pretty weak in China.” When a comparable volume for the digital yuan was achieved in 18 months. It is also noteworthy that Alibaba is a huge platform that attracted a sales figure close to $85 billion in just around 11 days. China has created its new Central Bank Digital Currency, (CBDC ) known as e-CNY, or digital CNY by using its new payment system, Digital Currency Electronic Payment (DCEP), a project underway for. And also to make sure that the payment space is not dominated by two payment providers.”Īs per a recent WSJ report, e-CNY is not offered on platforms by e-commerce giant Alibaba. The PBoC has dropped hints about third-party interoperability but is still playing its cards close to its chest, this week distancing itself from a timeframe for the launch – despite the launch this month of pilots in at least five major cities.“The People’s Bank of China wants to make sure that a digital version of the yuan is relevant, in terms of making sure that central bank money remains tractable at the retail level. He added that users “with different needs” would probably be able to “choose from a range of different payment methods,” and added that WeChat Pay and AliPay are already widely accepted in China – a fact that many believe will help the digital yuan’s spread and adoption.Īs previously reported, the state-owned China Telecom is widely believed to be cooperating with the central People’s Bank of China (PBoC), along with major state-owned banks and other state-owned telecoms giants.Īnd earlier this month, reported that experts both in China and beyond are expecting the PBoC’s token to work not only in conjunction with a number of Chinese banking apps, but also with WeChat Pay and AliPay – with WeChat operator Tencent and Alibaba (the operator of Alipay) believed to be working behind-the-scenes on the digital yuan. The e-CNY wasn’t a payment option on sites run by Alibaba Group Holding Ltd., which in 11 days racked up sales of nearly 85 billion, or 8. Per JRJ, Jiang Wei, the chair of the China Telecom Blockchain and Digital Economy Joint Laboratory, established e-pay solutions like WeChat Pay and AliPay will “likely coexist for a long time” alongside the digital yuan. ![]() A China Telecom executive has hinted that the digital yuan and third-party payment apps will likely co-exist in the same financial ecosystem – although he stopped short of saying whether or not the forthcoming central bank-issued token would be interoperable with apps such as WeChat Pay and AliPay. A China Telecom executive has hinted that the digital yuan and third-party payment apps will likely co-exist in the same financial ecosystem although he stopped short of saying whether or not the forthcoming central bank-issued token would be interoperable with apps such as WeChat Pay and AliPay. ![]()
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