WeChat App is Ready to Become a Digital Currency Transaction Tool in China

Currently, China is still conducting a trial process for digital currency transactions using the WeChat app. Reportedly, the WeChat application is ready to support all activities and transactions for digital currencies in China.

WeChat App is Ready to Become a Digital Currency Transaction
WeChat App is Ready to Become a Digital Currency Transaction

In the past, WeChat was one of the widely used messaging applications before WhatsApp and other messaging applications were not as popular as they are today. Tencent’s application was then unable to compete globally with other messaging applications outside China, making this application less widely used.

However, unlike in its home country, in China, this application is still quite popular today. Moreover, some people call it a super application because of the many facilities and services that make it easier for users to carry out their daily activities. Moreover, recently, it was mentioned that the Chinese government has started a trial process of entering digital money into the WeChat application so that users can make transactions easily. However, the Chinese government has yet to launch this central bank digital currency nationally.

A recent report said that the People’s Bank of China (PBoC) has been working on this digital yuan since 2014. Especially now that the WeChat application which has more than 1 billion users in China is one of the efforts to support this digital currency. slide right away. In addition, later through this application, can provide a big boost for users to be able to make transactions using digital yuan from the application.

WeChat App is Ready to Become a Digital Currency Transaction

WeChat Pay

WeChat is often referred to by many as a “super app” because of the many services available in it. People can use the messaging function and make payments via WeChat Pay, but they can also order taxis and order food.

WeChat Pay also allows easy payments, where users only need to show merchants the barcode on their phone to pay for goods in-store. WeChat can also be used to make online purchases.

Digital Yuan Development

To date, the PBoC, which issues digital yuan, or e-CNY, has conducted a limited trial in certain cities through a lottery. The central bank has distributed small amounts of currency to some citizens. However, until now, although the signs that the PBOC wants to expand the use of digital yuan have become clear, there is no concrete date for a national launch of the use of digital money.

Quoting from idntimes, this week the PBoC launched the e-CNY application for users in certain regions and cities in China. The app will allow anyone within the area to be able to download and register to use the digital currency. Previously, users could get apps on an invite-only basis.

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