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China Calls on Ant and Tencent to Help Develop Digital Currency: WSJ

China's digital yuan could have far-reaching impacts. Photo: Reuters.

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.

Kevin Hamlin

Kevin Hamlin is a financial journalist with extensive experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.


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