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Tencent and Ant Group-Backed Banks to Join China's Digital Yuan Trial: Report
The two commercial banks join the six state-owned banks already participating in the CBDC trial.
MYbank and WeBank – institutions backed by Chinese giants Ant Group and Tencent, respectively – are reportedly set to join the ongoing trial of the digital yuan.
STORY CONTINUES BELOW
- Digital wallets from the two private banks will be added to the People's Bank of China’s digital yuan app alongside those from the six state-owned banks already participating, writes Bloomberg Monday, citing people familiar with the matter.
- MYbank is already helping research and development on the central bank digital currency. The bank told Bloomberg it will "steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China."
- China has been trying to curb the power of commercial payments companies, per the report, and the addition of MYbank and WeBank to the digital yuan trials could be a setback to firms like Alipay and WeChat Pay.
- If and when it is launched, the digital yuan would be the first national digital currency from a major country.
- The trial has so far seem multiple "lotteries" in which Chinese residents have been gifted the token to spend at local merchants with the appropriate technology to accept them.
Read more: China’s Central Bank Is Partnering With SWIFT on a New Joint Venture
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
