does not allow payments from Alipay, owned by Alibaba-backed Ant Group Co. Major Chinese e-commerce players now operate in a closed environment, allowing their preferred digital payment providers and often blocking rival services. Bahamas has created a digital currency – Sand Dollar for its citizens.China's plan for a centralized digital currency could open up the country's "walled-garden" online retail payments ecosystem, but analysts believe it may not immediately change the way shoppers transact with Alibaba Group Holding Ltd.-affiliated Alipay and Tencent Holdings Ltd.'s WeChat Pay, which powers payments on the WeChat super-app.Sweden is conducting real-world trials of a digital krona.Over the last 12 months, more than 60 countries have experimented with national digital currencies.Although the concept of a central bank digital currency (CBDC) is not new and many governments around the world are already exploring its potential, China’s development and soft launch of DCEP puts it at the global forefront as a major economy actively implementing digital currencies.Many experts and Chinese officials have underscored the eCNY project’s ambitions and the desire to be first major country the world to develop an international digital currency.Although the Chinese government has not said if and when it will officially introduce the eCNY nationwide, however, several officials have mentioned having it ready for tourists visiting for the 2022 Olympics in Beijing.Fourth, benefit of the digital yuan is that it might help propel the renminbi to international reserve status.Third, a digital yuan will enable China to bring its unbanked population into the mainstream economy.Second, Govt can reduce hold of Payment firms like Alibaba Group Holding Limited’s (BABA) AliPay and Tencent Holdings Limited’s (TCEHY) WeChat which are at the forefront of this.
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To spend the money, users can use an eCNY app to scan a retailer’s QR code or produce a QR code that the retailer can scan.
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People were invited to the trial through a lottery on WeChat or other apps were able to click on a link and get a balance of 200 electronic yuan, which was sometimes displayed in their bank app over a picture of an old-fashioned Chinese bank note with Mao Zedong’s face.In 2020, it began trials of eCNY in the cities of Shenzhen, Suzhou, Xiongan and Chengdu.In 2016, the central bank created a division called the Digital Currency Institute.The development of a national digital currency began in 2014, when the People’s Bank of China set up an internal group to work on one.China’s central bank had begun testing digital currency eCNY last year in four cities, recently expanded those trials to bigger cities such as Beijing and Shanghai.Recently, China has charged ahead with a bold effort to remake the way that government-backed money works, rolling out its own digital currency with different qualities than cash or digital deposits.Million Dollar Question? Or Perhaps, Million Yuan question?.UPSC Geo Scientist Eligibility Criteria.
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