Digital Yuan Could Be Back-Up For Mobile Payment Giants - PBOC

Retail-focused central bank digital cash could provide a key backup for widely-used Chinese mobile payment methods such as Alipay and Tencent Pay, the People’s Bank of China’s digital currency chief said on Thursday, March 25.

“To provide this backup or redundancy for the retail payment system, the central bank has to step up and provide a CBDC service to the retail payment market,” said Mu Changchun, the director-general of the PBOC’s digital currency institute.

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