"I expect central bank digital currencies to continue to expand around the world," Chorzempa said.
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Download the apps on your phone, launch it, and you will be prompted to enter your bank details and other personal information.
Since Facebook first proposed launching the Libra cryptocurrency, now rebranded Diem, there has been a "huge wave of interest" among central banks that are concerned that a private tech company "might take over their currency" in a similar manner to how Alipay and WeChat pay dominate payments in China, he said. STEP 3: JOIN YOUR CHINA BANK ACCOUNT TO YOUR WECHAT PAY/ALIPAY. "I wouldn't be too worried about the safety of a digital renminbi in a central bank regulated wallet," he added.īeyond China, Sweden is expected to be among the first advanced economies to launch a digital currency, according to the PIIE researcher. Smartphone-enabled mobile payments are becoming seamlessly integrated into everyday life for people from the young to the elderly. Intermediaries that sell the digital currency in China are also expected to be "quite safe and carefully regulated" so long as they are sanctioned by the government, Chorzempa said. Leveraging WeChat's popularity, WeChat Pay makes up 39.5 of China's cashless economy according to. General speaking, you can’t use Malaysia WeChat in mainland China, Taiwan, Hong Kond and Macau. Seamlessly tied to the Super App WeChat, WeChat Pay makes easy in-app payment by scanning QR codes of either recipients or payees. "It's designed to have the same value as any regular renminbi, so there should be no price fluctuations to worry about." WeChat Pay is China's second-largest digital wallet broadly used for payments of all kinds in China. "I would say the safety levels (of the digital yuan are) very high and the risk is low," he said. To be sure, Chorzempa said China's digital yuan has very little in common with cryptocurrencies such as bitcoin, known for its high price volatility.
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