Indeed, the Chinese currency, also known as the renminbi, has been remarkably steady over the past month despite the huge selloff in China’s stock market and a spate of disappointing economic data. And that Alipay and WeChat Pay could have a section of their apps dedicated to digital yuan.
#SOME CHINA STREETJOURNAL ECNY WECHAT PAY DRIVERS#
That is one of the big drivers behind this," Yan Xiao, project lead for digital trade at the World Economic Forum, told CNBC.
Eventually cash will be replaced by something in digital format. Rakesh Sharma is a writer with 8+ years of experience about the intersection between technology and business. China is pushing forward with its experiment in creating a digital version of the yuan and may give foreign athletes and visitors a chance to use it at the 2022 Beijing Winter Olympics. China's "digital currency/electronic payment" platform, known as DC/EP or the digital renminbi, is the anti-crypto currency. China’s central bank digital currency will offer users greater privacy protection than any other digital payment tool, a People’s Bank of China (PBOC) official said. The PBOC's Fan also said the proposed two-tier model can help to "avert disintermediation in the financial sector" because the central bank will not be competing with the commercial banks. For the moment, China has no plans to issue more money than is already in circulation: each digital yuan issued cancels its paper equivalent.
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