Bank Of China Continues To Support The Digital Yuan

The People's Bank of China (PBoC) Digital Currency Research Division announced that the digital yuan is required to support Alipay and WeChat Pay. Speaking at the Bank for International Payments (BIS) seminar on Thursday, Mu Changchun said that Alipay and WeChat Pay combined make up 98 percent of China's mobile payments market, and that one of the main reasons why China's Central Bank is developing its own digital yuan is to support these payments. Mu suggested that a financial or technical disruption to Alipay and WeChat Pay could have a negative impact on the stability of China's financial system.

Mu said, "To support the retail payment system, the central bank needs to increase its own digital yuan amount."

China leads other major countries in the development and pilot implementation of central bank digital currencies (CBDCs). However, the amount of information about users' financial data and behavior that will be made available to authorities remains a matter of concern. At the BIS seminar, the Bank of China shared a set of global rules and recommendations for monitoring CBDCs with other central banks and monetary authorities. In February, a report appeared stating that MYbank and WeBank were preparing to participate in the digital yuan trial.   Bank Of China Continues To Support The Digital Yuan

Source: https://www.coindesk.com/

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