Some china streetjournal ecny wechat pay1/31/2024 It also said that nearly 6 million digital yuan wallets have been "pushed" to merchants on Alipay's platform, a process that enables a new e-CNY user to initiate that payment option. Alipay, which has about 900 million users, activated the payment option last year. ![]() Ant is the fintech affiliate of Alibaba Group Holding, which owns the South China Morning Post.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. That support has helped the People's Bank of China (PBOC) broaden sovereign digital currency adoption ahead of other major central banks, such as the US Federal Reserve and the Bank of Japan. China became the first major economy to explore its own central bank digital currency in 2014, but the government has yet to provide its timetable for a nationwide launch. There were 261 million e-CNY users at the end of 2021, nearly double the number recorded last October, according to the latest data from the PBOC. The digital yuan has been available for use in about 20 mainland cities designated for e-CNY trials.Ĭhina will expand the trial of its sovereign digital currency to more cities including Chongqing, Tianjin, Hangzhou and Guangzhou, as potential incentives are drawn up for banks, technology firms and local authorities that take part in the e-CNY roll-out, according to a statement published by the PBOC on April 2. ![]() SOME STREETJOURNAL ALIPAY WECHAT PAY ECNY TRIAL ![]()
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