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Home Business Insights

China’s digital currency trial: Ant Group is participating

FutureCFO Editors by FutureCFO Editors
May 11, 2021
china

Photo by XNHZ_681008 on Pixabay

Alibaba affiliate Ant Group is participating in China’s digital currency trial, according to a report by China Securities Journal.

MYbank — an online bank in which Ant has a 30% stake — allows some users to link their accounts with China’s digital yuan app, the media report says.

According to the report, six state-owned banks in China have participated in the country’s digital currency trial.

Last year, the People’s bank of China — the country’s central bank — has distributed several million dollars’ worth of a digital yuan through an app for the trial while selected users can use digital yuan to shop from certain physical shops and on JD.com's e-commerce app.

While the nature of MYbank’s participation in the trial is not clear, the bank said in a statement that it and Ant Group will together continue to support the research, development, and trial of PBOC’s e-CNY.

According to the online bank, it has more than 35 million small business and individual customers as of end-2020.

Related:  Deloitte: IPO market in Hong Kong to slow in 2022
Tags: Chinadigital currency
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