WeChat to start full support for China’s digital yuan
The most popular chat platform in China, WeChat announced that it will implement China’s digital currency e-CNY (digital yuan) as a payment option in all areas where digital yuan was piloted throughout the 2021. WeChat will also enable this function in three big urban areas of Shenzhen, Shanghai and Beijing. After Alipay, the Tencent’s giant WeChat will become the second large company to be included in delivery of the digital currency by China’s central bank plan.
WeChat started the implementation of e-CNY trough WeBank during the Beijing Winter Olympics back in January 2022. Overall, the digital yuan testing process started in 2018, while Tencent Holding started working on the China blockchain infrastructure in 2019. The year 2023 will mark the end of the five year implementation plan for the digital yuan and blockchain-based public services.