Skip to content
Subscriber Only

China Digital Yuan Will Co-Exist With Alipay, WeChat, PBOC Says

  • Central bank’s e-yuan will be a back-up to tech platforms: Mu
  • PBOC could be first central bank with digital currency
Alibaba and Ant Group Offices In Shanghai As China Launches Probe into Alibaba Over Monopoly Allegations
Photographer: Qilai Shen/Bloomberg
Updated on
From

China’s central bank said its planned digital currency will co-exist with technology platforms like Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s WeChat Pay, which currently dominate the online payments market.

One of the key reasons for the People’s Bank of China developing its own electronic yuan was to provide a back-up to Alipay and WeChat Pay, which together make up 98% of the mobile payments market, said Mu Changchun, director of the People’s Bank of China’s digital currency research institute. He spoke Thursday during a panel discussion organized by the Bank for International Settlements.