The newcomer “Licaitong”, which literally means a wealth management facility, serves as a spear for Internet giant Tencent, which wants to do full justice to its popular instant messaging smartphone app, Wechat, and gain a foothold in China’s increasingly competitive Internet finance sector. Tencent’s Wechat users transferred more than 800 million yuan to the app’s wealth management platform, “Licaitong” on Jan 22, the day it was launched, Morning Express reported Thursday. Tencent’s Wechat users transferred more than 800 million yuan to the app’s wealth management platform, “Licaitong” on Jan 22. “With the e-CNY app available in major mobile app markets, we are likely to see the pilot scope continue to expand to cover more users and more scenarios,” said Su Xiaorui, a senior analyst with consultancy Analysys. People also get to experience the digital yuan on an invitation-only basis.īut today, mega apps like WeChat-which has over 1 billion users-can provide the digital yuan with a huge boost if people begin to pay with it, analysts said.Īccording to Linghao Bao, an analyst at research firm Trivium China, the Chinese are so accustomed to the likes of WeChat Pay and Alipay that “it only makes sense for the central bank to team up with the usual daily mobile apps”. Unlike many other currencies, the RMB is a fixed exchange rate currency rather than a free-floating currency whose value is determined by the market. The e-CNY has the same valuation as the RMB. The e-CNY is a type of Central Bank Digital Currency (CBDC) and is issued by the People’s Bank of China (PBOC).Īs such, it is not a decentralized currency, and it also does not operate on the blockchain. The e-CNY forms part of the monetary base (M0) of the country, which means the digital currency makes up a portion of the ‘cash’ that is in circulation. It is designed mainly to be used for high-frequency, small-scale retail purchases and transactions. Yes, users will be able to transfer small sums of money (the amount will depend on the type of digital wallet they have) to peers, which will enable people to spend the virtual cash in more informal settings, such as repaying a friend for a meal or transferring money to a street vendor. Setting up a Personal WeChat Payment Account as a Foreigner Transfer Money by Showing Your QR Code at a Register Does the digital yuan app allow peer-to-peer transfers?
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