Alipay and WeChat Pay, China’s two largest mobile payment systems, have decided to support the Chinese government’s development of digital yuan. Chinese digital currency is to speed up further.
According to Chinese media on the 27th, the Digital Monetary Research Institute under the People’s Bank of China signed a technical strategy cooperation agreement with Ant Group to establish a digital currency technology platform.
Both sides decided to build a digital yuan technology platform based on OceanSace. A distributed database owned by Ant Group, and mPaaS, a mobile platform service. Ant Group also agreed to strengthen telecommunication cooperation with Digital Currency Research Institute. To implement new technologies.
Currently, Ant Group operates Alipay as the largest shareholder and practically controlled financial company by Alibiba founder Ma Yun. Ant Group has been under regulations from Chinese financial authorities, including an indefinite delay in its IPO last year.
Tencent also decided to share the results of digital yuan test. The Global Times explained that the Digital Currency Research Institute plans to increase the level of completion of digital yuan technology through cooperation with large companies.
Since last year, Chinese financial authorities have conducted digital yuan tests in 10 cities. Including Beijing, Shanghai, Shenzhen, Suzhou and Shanya. And they are planning to demonstrate digital yuan at the 2022 Beijing Winter Olympics Stadium.
Meanwhile, Suzhou, Jiangsu Province, will hold a consumption promotion event with Shanghai to distribute “Digital Yuan” for payment to citizens in time for the “May 5 Shopping Festival”. Which will begin on the 5th of next month.
During the shopping festival, the two regions, Shanghai and Suzhou, are linked together. Allowing test participants to use digital yuan in Shanghai or Suzhou. This is the first time that Chinese financial authorities have tied up two cities to test the use of digital yuan.
