China’s digital yuan is backup to AliPay and WeChat Pay, says official
Cointelegraph
Published Mar 26, 2021 07:39AM ET
Updated Mar 27, 2021 09:40AM ET
China’s central bank digital currency, or CBDC, will provide backup for major retail payment services like AliPay and WeChat Pay as its key objective, according to an official at the People’s Bank of China.
Mu Changchun, head of the People’s Bank of China’s digital currency research institute, claimed that China’s digital yuan is needed to ensure financial stability in case “something happens” to AliPay or WeChat Pay, the South China Morning Post reports.
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