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Russia says íopen to diplomacyí over Ukraine, defends recognition of breakaway regions             Pakistan steps up military operation along Durand Line             Ghani Removed From UN Heads of State List             President Lukashenko: Belarus may purchase Russian S-400 missile systems             Iran rejects Reuters report on deal in Vienna talks as effort to boost Western sideís standing             Police throng Ottawa streets in preparation for crackdown on protests            Taliban Delegation Returns to Kabul from Doha             US General: Daesh ďConcerns Us in AfghanistanĒ             Afghan Women Criticize Bidenís Afghan Assets Decision             Afghan U19 Futsal Team Beats Uzbekistan 8-1             ĎNazi saluteí shakes up EU parliament             NY attorney general fires back at Trumpís defense of financial statements             Ethnic Russians in eastern Ukraine say attacked by govt. forces             NJ police cuff Black teen in fight as white teen watches showdown             US sends F-35 jets to Germany amid rising tensions in Eastern Europe            


DATE PUBLISHED: 1400/10/18 - 03:07:4
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Digital yuan given green light by Chinese tech giant


© Getty Images / SOPA Images / Contributor

Its adoption by Tencent-owned WeChat is expected to attract over a billion users to Chinaís national digital currency

Chinese technology conglomerate Tencent has reportedly added support for digital yuan to its WeChat Pay wallet, granting users the option to pay using Chinaís central bank digital currency (CBDC).

To use the CBDC in transactions, WeChat users need to have already verified their identity via the e-CNY app, the digital yuan wallet application developed by the Peopleís Bank of China, China Daily reported on Thursday. Once activated, the option will allow users to pay with and receive the currency in WeChat.

The pilot version of the e-CNY app was launched earlier this week, as Beijing continues the rollout of its CBDC.
Developed by Tencent, WeChat is the dominant instant-messaging app in mainland China, with over a billion users. Along with Alipay, WeChat is often dubbed a ‘super appí, as it integrates a wide range of services.

China has been developing the concept of the sovereign digital currency since 2014. The digital yuan, whose trial period has been ongoing for over a year, had settled $9.7 billion worth of transactions as of the end of October 2021.

The potential expansion of e-CNY usage comes ahead of the Beijing Winter Olympics this year. The PBOC aims to have the digital yuan ready for the event, which is set to start in the Chinese capital on February 4.

Tencent also said it would explore novel digital yuan payment experiences in Beijingís Winter Olympic Village, which will open its gates on January 27.

 

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