China’s Digital Yuan in doubt

HONG KONG— Forex Signals by FxPremiere.com China is calling on private-sector pioneers Ant Group Co. and Tencent Holdings Ltd. to help it develop a state-backed digital currency that threatens the pair’s highly popular payment networks.

The People’s Bank of China in recent months has accelerated the testing of its digital yuan, putting the operators of Alipay and WeChat Pay in a difficult spot:

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“China is making these very large macro plays,” says Mike Wasyl, managing partner at DeerCreek, a corporate strategy firm that specializes in fintech and works with blockchain companies across Asia-Pacific and the U.S.

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The PBOC said the e-CNY would be circulated via approved commercial banks and nonbank payment firms.

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China’s Digital Yuan in doubt

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