![]() Wallets can only hold limited amounts of cash in order not to threaten the role of commercial banks. This week we reported that to date, 113,300 personal digital wallets for the eCNY have been created in trials and $160 million in transactions have been processed.Ĭommercial banks are the main gateways for the People’s Bank of China to issue the currency, much like the way cash is distributed to consumers. Speaking at a November conference, Mu Changchun, who runs the e-CNY project at the People’s Bank of China, appeared to acknowledge. The onset of the major techlash has left China watchers guessing as to what is the overarching reason for the consecutive measures taken. The CPC is employing strict measures to keep the Tech industry under its thumb to ensure that their goals align to achieve the greater Chinese Dream. One of the key reasons for issuing the digital yuan is to prevent an over-reliance on these private payment systems. The e-CNY wasn’t a payment option on sites run by Alibaba Group Holding Ltd., which in 11 days racked up sales of nearly 85 billion, or 8.5 times the amount of digital yuan transacted over 18 months of trials. Decrypting China’s Big Tech crackdown Part 2. Most Chinese citizens are quite happy with using existing digital payment solutions Alipay and WeChat Pay. One of the biggest challenges for the eCNY will be adoption. Some types would obviously be illegal in China, such as gambling and porn. You can’t activate it if WeChat Pay or Alipay prohibits your business type. You’ll then need to agree to some legal terms. There’s no better way to gain interest than giving away free money! One could argue it’s a little like an airdrop for public blockchains. Go to the payment settings page and turn on Alipay and WeChat Pay. ![]() This latest give away is a far more broad and public test, engaging the general public. WeChat Pay is more of a social app used by most. This means that although both systems can be used for similar things the focus of them is slightly different. To date, most digital yuan tests have been rather limited, focused on government employees. The main difference between WeChat Pay and Alipay is that WeChat Pay is an in-app feature of the social media app WeChat whereas Alipay is a dedicated smart and mobile payment system. ![]() The trial is in the Luohu District, following another red packet gifting in the same area to 5,000 medical and healthcare workers as thanks for their COVID-19 contributions. Fifty thousand people will receive the gifted money on a lottery basis in amounts of 200 yuan as part of the digital yuan tests. To make a payment with digital yuan, users need to open a digital yuan wallet in one of the existing apps, be it Alipay, WeChat or those from commercial banks. Yesterday the Shenzhen municipal government announced a giveaway of ten million renminbi ($1.5 million) in central bank digital currency ( CBDC).
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