The Chinese multi-purpose instant messaging and mobile payment giant WeChat has revealed the integration of the Digital Yuan, the Central Bank Digital Currency of China. Integration of Digital Yuan Reportedly, the Central People’s Bank of China (PBoC) has begun expanding steadily. This week People’s Bank announced the incorporation of eleven cities into the Digital Yuan trial. JUST IN: 🇨🇳 China's largest social media network, WeChat, has reportedly added support for Digital Yuan $CNY payments. — Watcher.Guru (@WatcherGuru) April 7, 2022 The PBoC has decided to expand to include the financial and industrial hubspot of Guangzhou and other major urban centers. Making the Digital Yuan available to a large populace is an obvious sign that China’s objective for the digital currency is to be widely utilized. Head of PBoC’s Digital Currency Research Institute Mu Changchun stated, “WeChat Pay and other financial infrastructure systems are ‘wallets,’ while the digital yuan is a payment tool – in essence, the contents of a ‘wallet.’” As per a recent report, the e-pay platform has launched complete “support for digital $CNY” in existing and pilot areas. The move is noted as a major boost for the digital token. WeChat is more than a mere application, it is a platform in China for a digital ecosystem, comprising online and digital services. Many Cities Come Forth The cities of Tianjin, Chongqing, Guangdong, Fuzhou, and Xiamen have been ad...
