China's Digital Yuan Will be Available in the AliPay Digital Wallet

In a push to China’s digital currency e-CNY, AliPay has integrated the Digital Yuan to facilitate express payments on all of the e-commerce websites run by the Alibaba Group Holding, including Taobao and Tmall. AliPay is China’s popular digital wallet run by the Ant Group.

Li Chen, Ant’s chief compliance officer, made the official announcement on Tuesday, December 13. As part of the country’s trial program, China’s digital currency e-CNY is available to users in more than 12 cities.

The Ant Group has enabled this feature via the official e-CNY app. As a result, users will be able to pay for orders with AliPay using the Digital Yuan. The Ant Group, also affiliated with the parent Alibaba Group, is currently undergoing a major restructuring after several regulations implemented by China’s central bank PBoC.

The PBoC oversees the e-CNY development via the Digital Currency Institute. The recent integration by AliPay might help PBoC to push further the use of Digital Yuan. AliPay has nearly 1 billion annual active users on its platform.

The central bank of China says that the use of e-CNY to replace “notes and coins” in circulation which has already reduced due to the use of mobile payments in the country. PBoC, however, states that e-CNY doesn’t compete against China’s popular payment services such as AliPay and WeChat Pay.

Digital Yuan to Come With Expiry Date

As per the latest reports, China is also exploring the idea of having an expiration date for the Digital Yuan. This means that users holding Digital Yuan, or DCEP, will have to spend them in a certain timeframe.

As the PBoC struggles to push the use of Digital Yuan in the country’s massive population, this seems to be a new idea in the making.

This is an unusual form of monetary policy invention also known as Gesell currency or expiring money. Such a policy will give the Chinese government a heightened degree of control over the money’s velocity.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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