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
Udgivet den Oct 26, 2020
by Cointele | Udgivet den Coinage
Coinage
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.