A Reuters report dated April 26 states that on the eve of the online shopping festival on May 5, six of the largest governmentBank of China is being promoted in Shangxae CBDC, issued by Central Bank of China.
Banks call on retail stores and consumersload the digital wallet and make purchases using the digital yuan. This initiative will create a competition for the current payment methods, which are supported by millions of buyers from Alipau Ant Group and WeChat Pau from Tencent.
One of the employees of the bank, who will take part in the testing of the test version of the CBDC in Shanghai under the guidance of the original bank of China, called Alibaba and sent the digital
«People will realize that electronic payments in RMB are so convenient that there will no longer be a need to use Alipau or WeChat Pau».
The introduction of the Chinese digital yuan will allow the central government to gain control over the huge mass of financial data that are coming up with
Number of six banks participating in pilot projects with CBDC includes Industrial and Commercial Bank of China, Chinese Bank, HSBC Bank of China and China Construction Bank.
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