Ant Group highlights private sector’s role in developing digital yuan


Major Chinese tech and commerce firms are starting to open up regarding their involvement in developing the digital yuan.

Ant Group and Tencent Holdings revealed the extent of their collaboration with the People’s Bank of China in developing the digital yuan at the Digital China Summit, an annual trade fair in the city of Fuzhou in southeastern Fujian province. 

According to the South China Morning Post, Ant Group starting working with the PBoC on the digital yuan in 2017, years before China officially debuted digital currency pilots in 2020. In June 2019, China’s digital currency institute reportedly used Ant’s mobile app development platform to create its own digital yuan app.

How To Get Free Crypto  

Ant Group said that it started officially testing China’s digital yuan in July 2020, launching a digital currency trial in Shanghai late that year. The company also noted that Ant-backed digital bank MYBank became one of the financial institutions to offer the Chinese CBDC. 

Tencent said that it started CBDC tests as early as February 2018, forming a team of digital yuan experts by the end of that year. “Tencent has been taking part in the PBOC’s e-CNY project from the start, and will continue to carry out pilot trials in accordance with the guidance of the PBOC,” a spokesperson for the firm said.

Other companies like smartphone giant Huawei Technologies and e-commerce platform have also been involved in the digital yuan’s development. Huawei became the first smartphone to feature a hardware wallet for China’s digital currency last year. started collaborating with the PBoC in September 2020, providing its technology and service support for currency pilots. The company reportedly became the first online platform to accept the digital yuan in late 2020.

Go to Source
Author: Helen Partz

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.