La subsidiaria de Alibaba ayuda a implementar CBDC en China
MYbank, part of Alibaba Ant Group, is testing the Chinese CBDC. It made up WeBank from Tencent
The companies' work is aimed at supporting the aspirations of China, which wants to become the first major country to successfully test and implement its CBDC.
Both banking institutions will be added to the official application of the Central Bank of China for THE CBDC. In total, the digital yuan will now test eight banking institutions, six of which are state-owned.
The concept of the national cryptocurrency has been developed by China since 2014. The state plans to support instant payments across the country and stimulate the digitalisation of the economy.
Analysts believe that centralisation in the People's Bank of China will not prevent the development of cryptocurrency. This is proved by the successful first tests.
Currently, more than two billion yuan has been transferred to CBDC through four million transactions. In dollar terms, this amount is $300 million.
They are used for test payments and are distributed to local residents through a lottery. The first tests are successful. They demonstrated the desire of the Chinese to use digital currency in everyday life. Let's see what happens next.