China's Central Bank Digital Currency Set for Upgrades and Inclusion in Retail Payment Options
Summary:
China's central bank digital currency (CBDC) is being upgraded, with plans to include it in all retail payment options. Changchun Mu, Director of the Digital Currency Research Institute of the People's Bank of China, emphasized the need for compliance by commercial banks and platforms like WeChat and Alipay. Short-term implementation of CBDC QR codes is suggested, while long-term upgrades to payment tools are in progress. Integration into existing interbank payment systems is also being considered. China is also developing a blockchain-based digital infrastructure with the Hangzhou Data Exchange.
China's central bank digital currency (CBDC) is undergoing upgrades, both in terms of technology and business models, according to Changchun Mu, Director of the Digital Currency Research Institute of the People's Bank of China. Mu expressed the desire to incorporate the digital yuan into all retail payment options, and highlighted the need for compliance by commercial banks and platforms like WeChat and Alipay. In the short term, QR codes for CBDC can be implemented, while long-term upgrades to payment tools are being pursued. Mu also suggested integrating the CBDC payment option into existing interbank payment and settlement systems. Meanwhile, China is developing a blockchain-backed digital infrastructure, with the recent unveiling of the Hangzhou Data Exchange for streamlined corporate data exchange.
Published At
9/4/2023 7:07:13 AM
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