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

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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