Ant Financial and Tencent- Backed Banks Joins China’s Digital Currency Trials

2021-2-23 22:16

MYBank, an Ant-Financial-owned bank, plans to launch digital yuan trials across China as the state’s digital currency/ electronic payment (DC/EP) project edges closer to full launch. Tencent-backed WeBank also announced similar plans to launch digital currency wallets.

According to a Bloomberg report, the two projects will have the same functionalities as the digital wallets already in trial across six government-owned banks. The six banks, including Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China, launched the trials across provinces in the country, allowing users to make digital payments and transfer money.

The addition of the two banks aims at increasing the adoption and utility of the digital yuan across China. MYBank, in particular, has been a key researcher in developing an electronic yuan in the past and looks forward to furthering its commitment to digital payments. The bank will partner with the People’s Bank of China (PBoC) to “steadily advance the trial” of the digital yuan in the future.

The central bank has already made massive steps in preparing for the launch of the digital yuan. Earlier in the month, BEG reported a partnership between the PBoC and SWIFT to launch a new digital payment service that could be tied to its CBDC. Additionally, the bank completed its largest yet rollout test for the CBDC, disbursing over $3 million worth of the digital currency to over 30,000 citizens.

The two firms become the first private firms to join the digital yuan trials with a potential battle with payment services such as WeChat Pay and Alipay in sight. Despite

Alibaba’s Ant Financial owns a 30% stake in MYBank, while Tencent is the largest shareholder of WeBank, holding 30% of its stake.

The post Ant Financial and Tencent- Backed Banks Joins China’s Digital Currency Trials first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) на Currencies.ru

$ 6.38E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $6.38E-5 - H: $6.38E-5
Капитализация $32.611k Rank 99999
Доступно / Всего 510.803m DRS

banks trials digital china currency ant set

banks trials → Результатов: 20


SWIFT Partners With SGX, Deutsche Bank, DBS, HSBC and Standard Chartered to Test Blockchain e-Voting

The Ultimate Power Group – SWIFT Partners Up With Major Banks While SGX Begins Trials On Blockchain-Backed Voting According to SWIFT, the financial messaging juggernaut, it has officially partnered up with a range of banks across the world, as well as the Singapore Stock Exchange in order to create and subsequently test out a blockchain-based […]

2019-3-7 05:07


Фото:

Barclays, Citigroup and other major banks register for a testing block

Financial News reported on July 27 that LedgerConnect, the lovechild project of foreign exchange processing giant CLS and tech mogul IBM, is in trials. Bridge Between New and Existing Technologies LedgerConnect attempts to provide a comprehensive platform in order to further incentivize banks to take advantage of blockchain projects. The project is designated to deliver easy

2018-8-1 09:07