![]() It can be used for peer-to-peer money transfers, cross-border payments, making purchases. China concluded another mass retail test of its new digital yuan this week after distributing 100,000 e-CNY red packets worth US3 million. Some citizens are skeptical of China's digital yuan, e-CNY, preferring Alipay and WeChat Pay e-CNY has seen 150M transactions worth nearly 10B so far Reuters: British asset manager Abrdn to buy Interactive Investor, an online investment platform, for 1. This allows users of Alibaba’s food delivery app ele.me, grocery delivery app Hema Fresh, and e-commerce platforms Taobao and Tmall to pay for orders using the e-CNY even though the digital currency is a direct competitor to Alibaba’s payment platform, Alipay. The latest test in the tech metropolis of Shenzhen means China aside from earlier trials involving large banks has now tested out its new digital yuan on 250,000 shoppers and restaurant-goers. The new digital yuan - now officially known as e-CNY, or digital CNY - is the fruit of China’s ambitious DCEP (Digital Currency, Electronic Payment) project, a Chinese central bank digital currency (CBDC) that many countries, especially China’s rivals, are watching with foreboding and fear. As a result of China’s progress toward a sovereign digital currency, many countries are now in a race to develop their own CBDC as well. ![]() In development for over six years by the People’s Bank of China, the DCEP project is creating a new digital form of China’s money supply. Analysts expect the e-CNY digital currency, once it is officially launched, will greatly expand the RMB’s influence in regional trade as well as eventually, around the world as it challenges the U.S. Dollar’s leading position in global commerce.
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