{"id":149744,"date":"2023-09-05T03:20:58","date_gmt":"2023-09-04T21:50:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149744"},"modified":"2023-09-05T03:20:58","modified_gmt":"2023-09-04T21:50:58","slug":"platforms-must-provide-digital-yuan-retail-payment-option-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/platforms-must-provide-digital-yuan-retail-payment-option-crypto-news\/","title":{"rendered":"Platforms must provide digital yuan retail payment option – Crypto News"},"content":{"rendered":"
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While China\u2019s central bank digital currency (CBDC), the digital yaun, goes through technological and business model upgrades, wallet providers should facilitate payment options in all retail scenarios, according<\/a> to a statement\u00a0made\u00a0by Changchun Mu, director of the Digital Currency Research Institute of the People\u2019s Bank of China, on Sept. 3.<\/p>\n

In a speech at the annual China International Service Trade Fair, Mu said the digital yuan has \u201cundergone a major upgrade\u201d in terms of its \u201corganizational forms\u201d and business model. Now, it\u2019s the turn of the payment tools to be upgraded. <\/p>\n

Related: <\/em><\/strong>Chinese gov\u2019t fires up the printer \u2014 How will it impact Bitcoin price?<\/em><\/strong><\/a><\/p>\n

Mu mentioned commercial banking apps like WeChat and Alipay, reminding them of their obligation to comply with regulations. In the short term, the platforms can focus on implementing the QR codes for the CBDC while upgrading the payment tools in the long term, according to Mu.<\/p>\n

The official also mentioned wholesale payments. According to Mu, there is no need to change the current interbank payment and settlement systems completely; it would be enough to integrate the CBDC payment option into it. However, no technical details of an integration were mentioned during the speech. <\/p>\n

China continues its work on the blockchain-backed yet fully controlled digital infrastructure. In August, Chinese government officials unveiled a new data exchange<\/a> powered by blockchain. The newly established Hangzhou Data Exchange will streamline the exchange of corporate information technology data by leveraging distributed ledger technology.<\/p>\n

Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

Magazine: <\/em><\/strong>How to protect your crypto in a volatile market<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

While China\u2019s central bank digital currency (CBDC), the digital yaun, goes through technological and business model upgrades, wallet providers should facilitate payment options in all retail scenarios, according to a statement\u00a0made\u00a0by Changchun Mu, director of the Digital Currency Research Institute of the People\u2019s Bank of China, on Sept. 3. In a speech at the annual […]<\/p>\n","protected":false},"author":2,"featured_media":149745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-149744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149744"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149744\/revisions"}],"predecessor-version":[{"id":149747,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149744\/revisions\/149747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/149745"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}