China’s central bank says digital yuan to co-exist with Alipay, WeChat Pay

Details:

• Mu Changchun, director of the People’s Bank of China’s digital currency research institute, said that the country is developing its digital currency to provide a back-up to Alipay and WeChat Pay, which make up 98% of the mobile payments market.
• The digital yuan will co-exist with paper notes and mobile payment platforms, and will follow a set of principles for its cross-border applications.

Context:

• With the People’s Bank of China running trials for the digital currency, several banks in Shanghai have already started offering digital yuan wallets for individuals and corporate offices.
• The central bank will also create a scalable foreign exchange trade platform that’s supported by digital ledger technology.