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Last Updated: 03 May 2021 China’s central bank has further partnered with Ant Group, the fintech arm of Alibaba Group, and internet provider Tencent to develop its digital currency. Ant And Tencent To Help In Development Of Digital Yuan According to the Digital Currency Research Institute of the People’s Bank of China (PBC), during the Fourth Digital China Summit held in East China’s Fujian Province, the apex bank said it had signed a strategic cooperation agreement with Ant to help build a technical platform for the digital yuan. Ant would promote the development of the electronic yua...

May 3, 2021 Share China’s central bank has signed a strategic cooperation agreement with Ant Group, the fintech affiliate of Alibaba Group, to help build a technical platform for its sovereign digital currency, state media reported. China has been developing its electronic yuan, or e-CNY, since 2014 with an aim to replace some of the cash in circulation. In lieu of a timetable for its official launch, the digital cash will first be used for retail payments domestically before it is used abroad, Chinese authorities have said. The two sides will jointly promote the development of the ...

SOURCE / ECONOMY By Global Times Published: Apr 26, 2021 12:35 AM Some Shanghai shopping malls and vending machines in subway stations are allowing customers to purchase products using digital yuan. Photo: Yang Hui/GTChinese fintech giants, Ant Group and Tencent, both announced further cooperation with China's central bank to move forward with the country's digital yuan on Sunday, vowing to provide active support to the roll out of the country's digital currency.  The Digital Currency Research Institute of the People's Bank of China (PBC) announced during the Fourth Digital China Summit, ...