WeChat Will Provide Digital RMB Payment Functions In A Pilot Program

China’s WeChat app will support digital yuan payments as it joins the pilot program. The program for the CBDC recently expanded to include 11 more cities.

According to an announcement made on April 7, China’s prominent social networking app WeChat will participate in the digital yuan trial program. WeChat support for the digital currency was initially announced in early 2022, but the new announcement shows that the endeavor is truly taking off.

WeChat is one of China’s most popular programs, with over one billion users

With support for the digital yuan, the latter’s usage numbers could skyrocket. The app is already a hub for a number of businesses, such as ordering food and hailing a taxi.

It may prove to be a great boon for the adoption of the digital yuan due to its tight interaction with other services. With the expansion of the pilot program, the CBDC is already well on its way to becoming a daily phenomenon.

The trial program for the digital yuan was recently expanded to cover more locations, and it will be used in the forthcoming Asian Games. It was also put to the test at the most recent Winter Olympics. Although there isn’t much information on how beneficial it was in the latter event, the willingness to employ it in a showcase event is a sign of improvement.

The digital yuan pilot trial, by all indications, was a success. Although some sources claim that some accounts are just opened and underused, it has purportedly witnessed approximately $14 billion in total transaction activity since its introduction.

In the meantime, China is cracking down on cryptocurrency

While the digital yuan program has expanded, the cryptocurrency market has shrunk. The Chinese government has been cracking down on cryptocurrency use since enacting rules last year. The government has made it illegal to own, trade, or mine cryptocurrency.

WeChat has lately blocked accounts tied to NFTs, in line with the government’s anti-crypto position. The Supreme Court determined that bitcoin transactions are illegal fundraising, adding to the country’s growing skepticism of the crypto asset class.

In order to put a stop to the market, it has even provided cash awards. While this is going on, it is figuring out how to use blockchain technology to better its economy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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