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: ReutersPeople 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
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
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: ReutersPeople 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
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
READ FULL ARTICLE
Close
We need your support

Advertising helps us continue to provide quality content. Help support us by disabling your adblocker on our site.

How to whitelist us:
  1. 1
    Click on the AdBlock icon at the top right corner of your browser.
    For iOS, go to Settings/Safari/Content Blockers and turn it off.

    For Android, go to your Ad blocker app/Settings and turn it off.
  2. 2
    Click Enabled on this site until the text reads Disabled on this site.
  3. 2
    Click the cross icon on the top right corner to close this window and refresh the page.
  4. 3
    Click the cross icon on the top right corner to close this window and refresh the page.