China will take a giant new step towards adopting its new digital yuan. Alipay, Ant Group’s digital payments platform, announced that some of its users will be able to start using the Asian giant’s new digital electronic payment currency (DCEP).
Based on MYbank’s participation in the testing protocols of the new currency throughout the country, the Chinese Government reached an agreement with one of its main shareholders -Ant Group- to partially place the new asset in one of the main payment networks in the country.
“As one of the participants in the e-CNY test, Ant Group’s partner MYbank will constantly advance the test in accordance with the general agreement of the People’s Bank of China. Ant Group, together with MYbank, will also continue to support PBOC e-CNY research, development and testing,” the company’s announcement reads.
The Ant Group’s link with the Xi Jingping government has been going on for at least four years. The firm brought some digital architecture projects closer to the Central Bank of China, in order to jointly create digital applications that can be linked to the new digital yuan.
The introduction of the new asset in commercial bank projects – mainly those that participated in the creation of the currency – will be the main bastion of the adoption of the digital yuan. That path, along with massive exposure at events like the Winter Olympics , seeks to boost the new currency by the middle of next year .