![]() ![]() The central bank has already included the digital yuan into its calculations of the amount of cash circulating in the economy at the end of December, when total outstanding e-CNY reached 13.61 billion yuan (US$2 billion).Ĭhina, however, has mostly become a cashless society because of the ubiquitous use nationwide of Alipay and WeChat Pay, each of which have hundreds of millions of daily active users on the mainland. The PBOC has long asserted that the e-CNY will not compete with WeChat Pay or Alipay because it was developed to serve as a substitute for M0, the monetary term for total physical notes and coins in circulation. ![]() Getting both WeChat Pay and Alipay as express payment options on the e-CNY app shows an increased effort by the People's Bank of China (PBOC), the country's central bank, to spur adoption of the sovereign digital currency amid a lethargic take-up by consumers since pilot trials were started in 2019.Ĭhina's e-CNY roll-out, two years ahead of any other global monetary authority, offers a crucial case study to India, Sweden, Japan, the United States and Britain, which are all in various stages of research or implementation of their own versions of central bank digital currencies. Alipay activated the e-CNY payment option on its platform in May 2021, while WeChat Pay followed suit in January 2022. Photo: Shutterstock>īoth Alipay and WeChat Pay have earlier committed to help promote the country's digital fiat money. Photo: Shutterstock alt=The mobile icons of China's e-CNY platform and Tencent Holdings' multipurpose WeChat super app are displayed on a smartphone screen. The mobile icons of China's e-CNY platform and Tencent Holdings' multipurpose WeChat super app are displayed on a smartphone screen. ![]()
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