China’s e-payments ecosystem is set to step up a level of sophistication as the coronavirus pandemic and deteriorating US-China relations hasten Beijing’s plans for a digital fiat currency; potentially complicating a landscape dominated by Alipay and WeChat Pay.
The central bank’s e-yuan, called Digital Currency Electronic Payment (DC/EP), would let citizens pay for goods with e-wallets, replacing banknotes and coins and accelerating the dash by the world’s second-largest economy towards a cashless society.
“The timetable has been sped up by the coronavirus and the realpolitik of US-China relations,” said former IBM executive Richard Turrin, who is writing a book on China’s digital currency.
Continue read: https://finance.yahoo.com/news/chinas-central-bank-digital-currency-093000174.html
