China digital Yuan will co-exist with Alipay, WeChat, PBOC says

China’s central bank said digital Yuan to co-exist with private online payment platforms, while also protecting the nation's monetary sovereignty. — AFP

China’s central bank said its planned digital currency will co-exist with technology platforms like Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s WeChat Pay, which currently dominate the online payments market.

One of the key reasons for the People’s Bank of China developing its own electronic yuan was to provide a back-up to Alipay and WeChat Pay, which together make up 98% of the mobile payments market, said Mu Changchun, director of the People’s Bank of China’s digital currency research institute. He spoke Thursday during a panel discussion organized by the Bank for International Settlements.