Caixin
Jun 12, 2021 07:39 AM
FINANCE

China’s Digital Yuan Wallets Are ‘Inclusive,’ PBOC Official Says

Signage for the digital yuan
Signage for the digital yuan

(Bloomberg) — China’s digital yuan wallets are designed to ensure that everyone can use them and in different formats, according to Mu Changchun, director general of the central bank’s Digital Currency Research Institute.

The e-yuan can be stored in various kinds of wallets, including physical or digital and personal or public, Mu said Friday at the Lujiazui Forum in Shanghai. The wallets are designed to satisfy different demands, with users able to apply for them based on their credit limits, purposes of use, or preferences for a physical one or a digital one, he said.

The People’s Bank of China (PBOC) is conducting digital yuan trials in several cities ahead of a possible wider rollout of the program at the Beijing Winter Olympics next year. So far, there’s been a subdued consumer response to the e-yuan given the dominance of online payments platforms like Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s WeChat Pay.

Mu reiterated comments from March that the digital yuan will coexist with Alipay and WeChat Pay as well as provide a backup, since their dominance in the market creates financial stability risks.

Contact editor Bob Simison (bobsimison@caixin.com)

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