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szdaily -> Business -> 
MYbank, WeBank to join digital yuan trial
    2021-02-23  08:53    Shenzhen Daily

MYBANK will join China’s digital yuan trial as the central bank charges ahead with rolling out an electronic currency system that could uproot the country’s payments landscape, Bloomberg News reported yesterday.

MYbank’s service will soon be introduced to the People’s Bank of China’s digital yuan app, the report quoted sources familiar with the matter as saying. Tencent-backed WeBank will also participate, the report said. The e-wallets from the two firms will have exactly the same functions as those from the six State-owned lenders in the trial, said the report.

Adding the two banks to the pilot will help China’s central bank expand its influence and user coverage in its push to establish the first digital national currency from a major central bank.

As one of the parties participating in the research and development of the digital yuan, MYbank will “steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China,” the company said in a statement without elaborating. WeBank declined to comment in an emailed statement.

In China, smartphone-based electronic payments are ubiquitous, used for everything from bus rides and convenience stores to vegetables at the local market — and 94 percent of those mobile transactions are controlled by Alipay and WeChat Pay.

China has been working on the digital version of yuan since 2014, and now it’s closer to realizing the dream.

An official from the Digital Currency Research Institute of the People’s Bank of China recently revealed that the central bank is conducting internal, hypothetical use tests of the digital currency as if it were being used in Suzhou, Xiong’an, Chengdu, Shenzhen and some Winter Olympics related places.(SD-Agencies)

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