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WeChat Unveils Digital Renminbi Payment Mode

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E-RMB gold coin, Chinese digital yuan, conceptual image of the digital version of the yuan. Chinese decentralized currency, on board and circuits

Users of WeChat can now choose the digital renminbi as a mode of payment, a local publication reported.

Source: China Daily

TCEHY is up 1.53%.

The new access point was rolled out in WeChat Pay, as announced by operator Tencent Holdings Ltd. Upon activation, users will be able to receive, and pay with the digital currency in WeChat.

Users will first have to undergo identity authentication through the e-CNY application or the digital yuan wallet application which was developed by the People’s Bank of China.

Tencent said it would also look into establishing the novel digital yuan payment experience in the upcoming Beijing Winter Olympic Village, which is scheduled to be opened on January 27.

The digital yuan has been under development since 2014 and has yet to be implemented on a nationwide scale.

 

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