China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: Reuters China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: Reuters
China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: Reuters

China digital currency to ‘provide backup’ for Alipay, Tencent’s WeChat Pay if ‘something happens’ to internet giants

  • China’s central banks says the government digital currency is needed to ensure stability if Alipay and WeChat Pay hit financial or technical problems
  • China has also called on major central banks to work together to ensure sovereign digital currencies are compatible with each other

Topic |   China digital currency
China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: Reuters China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: Reuters
China, already the world leader in digital payments, is aiming to be the first major economy to introduce a central bank digital currency. Photo: Reuters
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