China to partner with Alibaba’s Ant on digital Yuan
Friday, 05 07 2021, Category: Economy, Country: China
The People’s Bank of China has come together with Ant Group and Tencent to develop the e-CNY. The partnership has been ongoing for three years now. Ant Group is an Affiliate of Alibaba, while Tencent is an Affiliate of WeChat. The two are the leading payment service providers in China.
According to a publication on VOA news, the Peoples Bank of China and Ant Group have entered into a deal whereby the two will work jointly to develop a robust digital yuan. The development will be based on the platform provided by Ant Group.
This move comes as a surprise given that Alibaba and Tencent have been under heavy regulations by the Chinese government. However, the step shows that the government and institutions are fully committed to creating a robust structure regarding a CBDC and create a reliable distribution channel.