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China’s national digital currency will be an alternative to Alipai and WeChatPi

The head of the Digital Currency Research Institute of the People’s Bank of China mentioned the digital yuan as an alternative to Alipay and WeChat Pay at a seminar on the International Settlement Bank.

to the Report Referring to the fact that 98% of mobile payments in China are made through Alipi and WeiChat, CoinDesk and Mu Changchun quoted Bloomberg on Thursday as saying that the development of the national digital currency is aimed at creating an alternative. will be done.

Mu said in part that if a technical or financial “accident” happened to Alipi or WeChat, the stability of China’s financial system would be in jeopardy. According to him, this issue led the People’s Bank of China to consider creating a national digital currency as an alternative.

China’s national digital currency can be considered the world’s first national digital currency on such a large scale; On the other hand, some are concerned about China’s tight oversight of the digital currency mechanisms and the oversight facilities provided to the government through the development of the platform.

At the meeting, the People’s Bank of China proposed rules for monitoring national digital currencies to financial authorities and central banks of other countries.

Last month, Ant Group and Tencent affiliates MYbank and WeBank announced they were joining a digital yuan test scheme.


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