U.S. markets closed
  • S&P Futures

    3,875.75
    +8.25 (+0.21%)
     
  • Dow Futures

    31,421.00
    +63.00 (+0.20%)
     
  • Nasdaq Futures

    13,102.75
    +47.50 (+0.36%)
     
  • Russell 2000 Futures

    2,240.00
    +10.90 (+0.49%)
     
  • Crude Oil

    59.78
    +0.03 (+0.05%)
     
  • Gold

    1,731.30
    -2.30 (-0.13%)
     
  • Silver

    26.76
    -0.11 (-0.42%)
     
  • EUR/USD

    1.2089
    +0.0001 (+0.01%)
     
  • 10-Yr Bond

    1.4150
    -0.0310 (-2.14%)
     
  • Vix

    24.10
    +0.75 (+3.21%)
     
  • GBP/USD

    1.3956
    0.0000 (-0.00%)
     
  • USD/JPY

    106.8110
    +0.1010 (+0.09%)
     
  • BTC-USD

    48,865.07
    -298.87 (-0.61%)
     
  • CMC Crypto 200

    979.40
    -7.25 (-0.73%)
     
  • FTSE 100

    6,613.75
    +25.22 (+0.38%)
     
  • Nikkei 225

    29,404.76
    -3.41 (-0.01%)
     

Tencent and Ant Group-Backed Banks to Join China’s Digital Yuan Trial: Report

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Tanzeel Akhtar
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

MYbank and WeBank – institutions backed by Chinese giants Ant Group and Tencent, respectively – are reportedly set to join the ongoing trial of the digital yuan.

  • Digital wallets from the two private banks will be added to the People’s Bank of China’s digital yuan app alongside those from the six state-owned banks already participating, writes Bloomberg Monday, citing people familiar with the matter.

  • MYbank is already helping research and development on the central bank digital currency. The bank told Bloomberg it will “steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China.”

  • China has been trying to curb the power of commercial payments companies, per the report, and the addition of MYbank and WeBank to the digital yuan trials could be a setback to firms like Alipay and WeChat Pay.

  • If and when it is launched, the digital yuan would be the first national digital currency from a major country.

  • The trial has so far seem multiple “lotteries” in which Chinese residents have been gifted the token to spend at local merchants with the appropriate technology to accept them.

Read more: China’s Central Bank Is Partnering With SWIFT on a New Joint Venture

Related Stories