Some of Alipay’s users will be able to participate in the emerging digital yuan commerce ecosystem, according to the company.
This new feature is the result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols. According to a report published on Monday by China Securities Journal.
Ant Group’s involvement in China’s central bank’s digital currency project has been solidified by this news. Indeed, MYbank, one of the country’s largest internet-only banks, majority-owned by the conglomerate.
Ant Group confirmed its participation in the yuan trials in a statement obtained by CNBC, adding:
“As one of the participants in the trial of the e-CNY, Ant Group’s associate MYbank will steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China. Ant Group, together with MYbank, will also continue to support the research, development and trial of PBOC’s e-CNY.”
Ant Group collaborating with the PBoC
The Ant Group has been working with the PBoC on digital currencies since 2017, according to previous reports from Cointelegraph. China’s central bank is said to be developing digital yuan-linked apps using the company’s mobile app development environment.
While MYbank is working to allow users to interact with the digital currency. WeBank, a Tencent-backed digital bank, has yet to activate any digital yuan bridges for customers. Back in February, the first private financial institutions to join the digital yuan testing ecosystem were announced: both online banks.
Six state banks, on the other hand, control the testing arena, with some of them developing digital yuan user wallets.
The People’s Bank of China (PBoC) continues to promote the use of the digital yuan through a slew of airdrops and lotteries across the country. Adoption events are frequently held during shopping festivals, with merchants encouraged to accept the currency as a form of payment.
JD.com, a Chinese e-commerce behemoth, announced in April that it was already paying employee salaries in the digital yuan. The online retailer was the first to accept digital currency as a payment method. Receiving about 20,000 DCEP-funded orders in the first week, according to reports.