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Is China e-CNY CBDC effectively competing with WeChat Pay and AliPay
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China has become the frontrunner when it comes to the global CBDC race. China’s e-CNY is expected to witness a full-fledged launch by February 2022. However, so far, it has already conducted several large-scale trials in its advanced pilot stage.
Earlier reports also suggested that PBoC might set up a digital exchange in Beijing. The idea will be to further promote its digital yuan, now that private crypto is out of the way.
Meanwhile, ahead of Winter Olympics in February, the Chinese administration might be locking hocks with private payment platforms for the market share.
In a recent interview with CNBC, Eswar Prasad of Cornell University also commented on the People’s Bank of China’s reason for a CBDC. He said,
“The People’s Bank of China
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