Bank of China: digital yuan will appear on WeChat and Alipay

by in Cryptocurrency News

China digital yuan

The digital currency from the People’s Bank of China will appear in WeChat and Alipay payment systems. You can use it without the Internet. This was reported by Reuters with reference to the deputy head of the payment unit of the People’s Bank of China (ZRY) Mu Changchun.

Related: China's "Digital Yuan" might launch in 2020!

Development should protect the monetary sovereignty of the country and its renminbi status. Also, it will partially replace paper money. Some mechanisms will be similar to Facebook's Libra, emphasized Changchun.

The official added that corporate digital currencies are unsafe, as there is always the possibility of bankruptcy.

Recall, that it was Changchun that announced the imminent launch of the digital renminbi in early August, saying that five years of work on it had come to the end.

But later, Chinese state media denied information about the launch in November.