It’s been revealed that MYBank, which is a subsidiary of Alibaba’s payment giant Ant Group, is helping China in the efforts to develop a digital yuan.
According to a CNBC report, the online bank that is backed by Ant joined China’s digital yuan testing program, which is seeking to develop the country’s electronic currency.
The online publication the Daily Hodl just noted that WeBank, which is backed by the Chinese tech giant Tencent also joins China’s push to become the very first major nation to successfully roll out the digital currency.
A spokesperson for MYbank says that the bank aims to “advance the trial pursuant to the overall arrangement of the People’s Bank of China (PBOC).”
More than that, as the online publication mentioned above notes, CNBC reports that the services of MYbank and WeBank will soon be added to the central bank’s official digital yuan app.
“The e-wallets of MYbank and WeBank will reportedly offer the same functionalities as those from six state-owned lenders which are also participating in the pilot program,” according to the notes.
Working on the concept of a digital yuan
It’s also been revealed that the world’s second-largest economy has been working on the concept of a digital yuan since back in 2014 in an effort to enable instant payments and bring its economy into the digital age.
The online publication mentioned above noted that unlike Bitcoin and decentralized digital assets, the People’s Bank of China would be the centralized power behind the digital coin.
Back in October, China’s electronic coin managed to hit a milestone after moving 2 billion yuan or $299 million.
We suggest that you check out the complete CNBC report in order to learn more details.
Other than this, speaking of Bitcoin, the king coin is growing in popularity these days, despite the strong corrections. Stay tuned for more related news.