People walk past the headquarters of the People’s Bank of China. China’s central bank is close to launching is own sovereign digital currency allowing it to tighten its grip on the nation’s deposit pool. Photo: Reuters

China’s proposed digital currency will help banks bridge gap on mobile payment, curb dominance of Alipay, WeChat

  • With Alipay and WeChat Pay accounting for over 90 per cent of the mobile payment market and drawing away deposits, analysts say PBOC’s proposed digital currency will help banks stem the leak
  • Banks’ participation in the central bank’s digital currency will help them better compete with third party payment network operators
Topic |   Digital currencies

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People walk past the headquarters of the People’s Bank of China. China’s central bank is close to launching is own sovereign digital currency allowing it to tighten its grip on the nation’s deposit pool. Photo: Reuters
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