China-based social media and payment application WeChat will integrate the digital yuan, China’s CBDC, into its payment platform.
On a global scale, work on the central bank digital currency (CDBC) continues at full speed. Many countries are working hard to launch their own digital currencies, taking advantage of the speed of adoption of cryptocurrencies. In this context, China, one of the successful countries, took action to further market the digital yuan with its CBDC. Finally, China-based social media giant WeChat will integrate the digital yuan into its platform.
WeChat Starts Using Digital Yuan with CBDC Integration
China-based social media platform WeChat will integrate the use of digital yuan on its platform to support CBDC initiatives in its country.
WeChat, which is managed by Tencent Holdings and has more than 1 billion monthly active users, will support the digital yuan with its payment services, WeChat Pay. This move could benefit the popularity of CBDC initiatives that have been slow so far.
With this CBDC integration introduced, WeChat Pay now allows the use of digital yuan for certain things like ordering food from McDonald’s and paying bills.
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