Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA
Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA

Explainer |
What is China’s cryptocurrency alternative sovereign digital currency and why is it not like bitcoin?

  • China’s sovereign digital currency, the so-called Digital Currency Electronic Payment (DCEP), could be launched later this year
  • Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China, with mobile transactions accounting for four of every five payments in 2019

Topic |   China digital currency
Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA
Alibaba’s Alipay and Tencent’s WeChat Pay are already popular payment methods in China. Photo: EPA
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