China is looking to Ant Group and Tencent Holdings to help it develop a central bank-backed digital currency that threatens their own popular payment networks, the Wall Street Journal reports.
The People’s Bank of China has accelerated the testing of a digital yuan in recent months, which leaves the operators of Alipay and WeChat Pay in a difficult spot – they have little choice but to take part, despite the risk that it undermines the user bases they have built up over years, the report said. Full story: Asian Wall Street Journal.
