WeChat Added Support for Digital Yuan

by in Cryptocurrency News

WeChat digital yuan

Messaging and social media app WeChat, developed by the tech company Tencent and having over 1 bln users, started the support for China's official digital currency, the electronic yuan. A report by the media hub, TechNode, says that the function is available in 23 regions, including Beijing, Shanghai, and Shenzhen.

Related: Senator Pat Toomey saw the digital yuan as a threat to US national security

China has been working on the digital yuan since 2014. On Jan. 4, 2022, the country released the pilot program. The digital yuan is supported via a mobile app, e-CNY, which can be found on Android and Apple app stores. e-CNY is in the development stage and is limited to select users like local banks. China intends a worldwide launch.

WeChat's support of the digital yuan can increase the currency's adoption once people begin to use it.

WeChat provides a variety of services such as messaging functions, payments through WeChat Pay, order taxis, and food.

The number of monthly active users is around 800 M. Till now, the People’s Bank of China has implemented tests in certain cities, handing out small amounts of the currency to some people.

Recently, the PBOC launched an e-CNY app for users in China's particular regions and cities. That will allow anyone in those areas to download and register to use the digital currency. Before that, users could get the application on an invite basis.