Details regarding the digital yuan's characteristics are taking shape.
The forthcoming digital yuan will reportedly be compatible with major payment networks within the country.
Mu Changchun, the head of the People's Bank of China's digital currency research institute, said that the central bank-backed digital yuan will be compatible with major mobile payment wallets like WeChat Pay and Alipay.
"They don't belong to the same dimension. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet."
The digital yuan is currently accessible to limited users through an exclusive mobile wallet application.
At the conference, Mu said that the mobile wallets for digital yuan face the age-old problem of counterfeiting, stating that there were multiple fake digital yuan wallets in the market.
On a different note, Mu said that the digital yuan operates on a centralized infrastructure, differentiating it from private currencies like Facebook's Libra and Bitcoin.
China has progressed rapidly with its central bank digital currency initiative.
Last week, it published a draft law to provide a regulatory framework and legitimacy for its digital yuan.
At present, the central bank is conducting pilot tests across the country for its CBDC. In one of the largest pilot tests, local authorities distributed $1.5 million worth of digital yuan to 50,000 of the 1.9 million people who signed up for a giveaway.
Digital yuan will work with WeChat and Alipay, says bank exec
gepubliceerd op Oct 26, 2020
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.