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PBoC: Platforms Should Have Retail Payment Option for Digital Yuan CBDC
On Sunday, September 3, Changchun Mu, director of the Digital Currency Research Institute of the People’s Bank of China, emphasized the importance of wallet providers in enabling CBDC payment options across various retail settings. Mu’s comments come as China’s central bank digital currency (CBDC), the digital yuan, undergoes technological and business model enhancements. Speaking at the annual China International Service Trade Fair on Sunday, Mu noted that the digital yuan has recently undergone significant upgrades in its organizational structure and business model. Thus, it’s now the time for payment tools to receive similar improvements.
Mu pointed out that commercial banking apps such as WeChat and Alipay have a responsibility to adhere to regulatory requirements. He suggested that in the immediate future, these platforms could prioritize the integration of QR codes for the central bank dig
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