AliPay has added the Digital Yuan to make it easier to pay quickly on all of Alibaba Group Holding’s e-commerce sites, such as Taobao and Tmall. This is part of a push for China’s digital currency, e-CNY. AliPay is a popular online wallet in China that is run by the Ant Group.
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Li Chen, Ant’s chief compliance officer
On Tuesday, December 13, Li Chen, Ant’s chief compliance officer, made the announcement. As part of the country’s test programme, people in more than 12 cities can use the digital currency e-CNY.
e-CNY app
The official e-CNY app can now do this because the Ant Group made it possible. Users will then be able to use the Digital Yuan to pay for orders with AliPay. The Ant Group, which is also part of the parent Alibaba Group, is going through a major restructuring right now because of new rules from China’s central bank, the PBoC.
PBoC
Through the Digital Currency Institute, the PBoC keeps an eye on the development of e-CNY. AliPay’s recent integration could help the PBoC get more people to use Digital Yuan. AliPay has almost 1 billion users who use its platform every year.
Chinese central bank says
The Chinese central bank says that e-CNY will be used to replace “notes and coins” in circulation, which have already decreased because more people are using mobile payments in China. PBoC, on the other hand, says that e-CNY doesn’t compete with popular Chinese payment services like AliPay and WeChat Pay.
The digital Yuan will have a date on it.
The latest news says that China is also thinking about putting an end date on the Digital Yuan. This means that people who have Digital Yuan, or DCEP, will have to spend them within a certain time frame.
PBoC – Digital Yuan
As the PBoC tries to get the huge number of people in the country to use Digital Yuan, this seems to be a new idea.
This is a strange kind of monetary policy that has also been called Gesell currency or money that runs out. With this kind of policy, the Chinese government will have more control over how fast money moves.
Source: Google Trend
