Bank AI

Yuan

Spot

Elon Musk

<div class="insidebitcoins"> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
 <p class="p2"><span class="s1">China’s digital yuan must be available for use in all retail payments, said a senior central bank official.</span></p> 
 <p><span class="s1">Wallet providers including giants WeChat and Alipay, along with mobile apps offered by commercial banks and third-party payment apps, need to ensure they adhere to the requirements, said Mu Changchun, Director of the Digital Currency Research Institute at the People’s Bank of China.</span></p> 
 <p><span class="s1"> This will foster the widespread adoption of the digital yuan for everyday retail purchases, as the first step to digital transformation, he said.&nbsp;</span></p> 
 <figure id="attachment_200574" aria-describedby="caption-attachment-200574" style="width: 100%" class="wp-caption alignnone"> 
  <img decoding="async" class="wp-image-200574 size-medium" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20300%20225'%3E%3C/svg%3E" alt="" width="300" height="225" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 300w, https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 768w, https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 510w, https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 800w" data-lazy-sizes="(max-width: 300px) 100vw, 300px" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp"> 
  <noscript> 
   <img decoding="async" class="wp-image-200574 size-medium" src="https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp" alt="" width="300" height="225" srcset="https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 300w, https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 768w, https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 510w, https://cdn.thebittimes.com/images/2023/09/05/deb1df8e4b4b085552dc92259ea5f3e4.webp 800w" sizes="(max-width: 300px) 100vw, 300px"> 
  </noscript> 
  <figcaption id="caption-attachment-200574" class="wp-caption-text">
    The central bank’s headquarters in Beijing. 
  </figcaption> 
 </figure> 
 <p class="p2"><span class="s1">Mu delivered this message during a trade forum held in Beijing on September 3, suggesting that in the short term, standardizing QR code practices to ensure compatibility could be a viable starting point. He also mentioned the gradual evolution of payment methods as part of the long-term plan.</span></p> 
 <p class="p2"><span class="s1">This vision aligns with the PBOC’s commitment to facilitate universal <span class="s2">QR payment codes</span>, simplifying payments for consumers who can scan a single barcode to complete transactions. In China, QR code payment systems, <span class="s2">primarily driven by WeChat Pay</span> and Alipay, have already gained widespread popularity.</span></p> 
 <h2 class="p1" id="span-class-s1-ongoing-digital-yuan-trials-yet-to-spur-nationwide-adoption-span"><span class="s1">Ongoing Digital Yuan Trials Yet to Spur Nationwide Adoption</span></h2> 
 <p class="p2"><span class="s1">The PBOC has been actively <span class="s2">conducting trials</span> of the e-CNY, introducing a pilot app in January 2022. Since initiating these digital yuan trials in late 2019, the PBOC has expanded them to cover at least 26 locations spanning 17 provincial-level cities and regions.&nbsp;</span></p> 
 <p class="p2"><span class="s1">This extensive reach includes major metropolitan areas like Beijing, Shanghai, Shenzhen, and Suzhou.&nbsp;</span><span class="s1">Despite these ongoing trials, the e-CNY has not yet achieved widespread adoption across China.</span></p> 
 <h2 class="p1" id="span-class-s1-enhancing-wholesale-transactions-span"><span class="s1">Enhancing Wholesale Transactions</span></h2> 
 <p class="p2"><span class="s1">Mu also highlighted the need to upgrade payment tools for wholesale transactions. He expressed confidence in the existing interbank payment and settlement systemst, indicating that there is no immediate need to replace them with the CBDC system. “It can be fully interoperable and seamlessly connected with the original electronic payment tools and commercial bank deposits through the realization of digital renminbi,” he said.&nbsp;</span></p> 
 <p class="p2"><span class="s1">This will allow the e-CNY to coexist harmoniously with existing electronic payment methods and commercial bank deposits, Mu said.</span></p> 
 <p class="p2"><span class="s1">The official also said the digital currency can play a role in the financial market infrastructure, particularly in settling transactions. He mentioned the use of smart contracts to facilitate processes like payment versus payment (PVP) and payment delivery (PVP), ultimately enhancing the efficiency of large-scale wholesale payments.</span></p> 
 <h2 class="p2" id="span-class-s1-b-related-articles-b-span"><span class="s1"><b>Related Articles</b></span></h2> 
 <ul class="ul1"> 
  <li class="li3"><span class="s3"><span class="s4">Best Crypto to Buy Now</span></span><span class="s5"><br> </span></li> 
  <li class="li3"><span class="s3"><span class="s4">Grayscale Legal Win Indicates SEC Will Approve Spot Bitcoin ETFs, JPMorgan Says</span></span><span class="s5"><br> </span></li> 
  <li class="li3"><span class="s3"><span class="s4">Cathie Wood Sees Bitcoin and AI Transforming Companies By Slashing Costs, Exploding Productivity</span></span><span class="s5"><br> </span></li> 
 </ul> 
 <div class="inContentProviderSingle inContentColor--insidebitcoins fc-row"> 
  <div class="inContentProviderSingle--wrapper"> 
   <div class="container"> 
    <div class="row mb-lg-3"> 
     <div class="col-12 col-md-8"> 
      <p class="inContentProviderSingle--title">Wall Street Memes - Next Big Crypto</p> 
     </div> 
     <div class="col-12 col-md-4"> 
      <div class="inContentProviderSingle--rating"> 
       <div class="rating--holder"> 
        <p class="rating--text">Rating</p> 
        <div class="rating--star-container"> 
         <div class="rating--star" style="width: 100%;"></div> 
        </div> 
       </div> 
      </div> 
     </div> 
    </div> 
    <div class="row">  
     <div class="col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none"> 
      <img class="inContentProviderSingle--img mb-3" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img mb-3" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
     <div class="col-12 col-md-8"> 
      <ul class="inContentProviderSingle--list"> 
       <li>Early Access Presale Live Now</li> 
       <li>Established Community of Stocks &amp; Crypto Traders</li> 
       <li>Featured on BeInCrypto, Bitcoinist, Yahoo Finance</li> 
       <li>Rated Best Crypto to Buy Now In Meme Coin Sector</li> 
       <li>Team Behind OpenSea NFT Collection - Wall St Bulls</li> 
       <li>Tweets Replied to by Elon Musk</li> 
      </ul> 
     </div>  
     <div class="col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block"> 
      <img class="inContentProviderSingle--img float-right" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img float-right" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
    </div> 
    <div class="row"> 
     <div class="col-12 text-center"> 
      <div class="inContentProviderSingle--button">
        Learn More 
      </div> 
      <div class="inContentProviderSingle--disclaimerText"> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/china-s-digital-yuan-must-be-available-for-all-retail-payments-central-bank-official-says-tbt61501.html">https://thebittimes.com/china-s-digital-yuan-must-be-available-for-all-retail-payments-central-bank-official-says-tbt61501.html</a></p>

China’s Digital Yuan Must Be Available For All Retail Payments, Central Bank Official Says

目次

TheBitTimes

2023年9月4日公開の他の記事

Beyond Bitcoin: INX Digital’s Diverse Portfolio of Security Tokens

Explained: How Drivechain captured the attention of the Bitcoin community

XLM Price Prediction: Is Stellar Price Preparing for a Rally?

BTC Akan Masuk Bull Trap Tahun Ini? Ini Kata Analis

Is XRP on the Edge of Becoming a Global Reserve Currency? Ripple CTO Unveils the answer!

Is Buying Bitcoin, ETH Now Akin to Buying Internet in the 1990s?

ニュースレターを購読して暗号資産の最新情報を毎日入手！