Chi­na’s Statu­tory Dig­i­tal Cur­rency Won’t Un­der­mine Mo­bile Pay­ments: Cen­tral Bank’s CBDC Chief

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The head of dig­i­tal cur­rency re­search for the Chi­nese cen­tral bank says that its up­com­ing statu­tory dig­i­tal cur­rency (also re­ferred to as Dig­i­tal Cur­rency – Elec­tronic Pay­ments, or DC/​EP) will not be a “shock” for mo­bile pay­ments, and will be based upon Chi­na’s ex­ist­ing ac­counts sys­tem.
Mu Changchun (穆长春), head of the Peo­ple’s Bank of Chi­na’s (PBOC) Dig­i­tal Cur­rency Re­search In­sti­tute, said that con­cerns about the im­pact of Chi­na’s Cen­tral Bank Dig­i­tal Cur­rency (CBDC) on ex­ist­ing pay­ments gi­ants such as Ali­pay and WeChat Pay are un­founded,

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