Many countries are very interested in central banks digital currencies. China’s leading social network and payment app, WeChat, has added the country’s central bank digital currency, or CBDC, to its payment services, according to CBDC’s payment app and a Chinese media report. This move could help increase the attractiveness of the digital yuan, which has started so far slowly.WeChat, owned by Tencent Holdings, which is among the most popular payment platforms in China, said that it will start accepting digital yuan payments through its digital wallet, WeChat Pay.
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, 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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