China has taken another step in efforts to improve Digital Currency Electronic Payments [DECP]. Reports on Monday indicated that Ant-backed MYbank will participate in the digital yuan trial while the central bank is implementing the electronic money system.
MYbank “will steadily advance the development in accordance with the general regulation of the People’s Bank of China.” making the description.
WeBank, supported by Tencent, will also participate in this step. Services offered by the two banks will soon be introduced into the People’s Bank of China’s digital yuan app. According to reports, e-wallets from firms will perform the same functions as the six state-owned lenders participating in the trial. State-owned lenders include the Industrial and Commercial Bank of China, the Construction Bank of China, the Agricultural Bank of China and the Bank of China.
China started the DCEP trial a few months ago. It was thought to be the government’s move to take back the $ 45 trillion payment industry from private payment giants like Alipay, Tencent, and WeChat Pay. However, China appears to be expanding the role of DCEP and focusing on securing payment networks for digital yuan usage.
Two weeks ago, the city of Beijing announced it is exporting 10 million digital yuan [$ 1.55 million] to the local population. This step was taken to encourage the consumption of the digital asset during the Spring Festival, while also experiencing the users’ experience of using the digital asset.
While trying to facilitate the consumption of digital yuan nationally and internationally, China may be the first country to implement this idea before other countries.