The digital yuan and the existing systems are not mutually exclusive. Most consumers are likely to continue using their Alipay or WeChat Pay platforms – or both systems, in many cases – for their multitude of applications and services that have evolved from simple payments to loans, asset management and money-market investments.
China already boasts more digital mobile payment users than anywhere else on earth, in a US$49 trillion market almost 500 times bigger than in the United States. The People’s Bank of China governor Yi Gang wants to hasten the digital transformation of China’s currency and economy.
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