Ant Group of Alibaba to Let More People Test Digital Yuan of China

Sahaj  |  May 10, 2021

An affiliate of Alibaba, Ant Group is on the path of becoming the first major privately run businesses to work with the trials of Digital Yuan of China. According to the recent revelations, an online-only bank in which Ant has a 30% stake, MYbank is allowing users to link their accounts with the Digital Yuan app.

AN Affiliate of Alibaba, Ant Group Allowing Users to Link Accounts with Digital Yuan app

As revealed in the China Securities Journal backed by the state on Monday, the new feature is made accessible to some of the users through the Alipay app of Ant. 

Discussing further Alipay, it is one of the two primary mobile applications in China where the usage of smartphones for daily transactions is the norm.

The People’s Bank of China (PBOC) distributed Digital Yuan in the last year which was worth several million dollars through an application that is linked with the six major banks owned by the state.

These recent tests have allowed the selected users to purchase products from participating in brick-and-mortar stores and the e-commerce app of JD.com.

However, the exact nature of its participation in the digital currency project of China was not confirmed by Ant, but it is said that along with MYbank, the group will also be involved with the trials.

Advancing the Trial Pursuant and Supporting the Research

As said in the statement released by the company, it was revealed:

“As one of the participants in the trial of the e-CNY, Ant Group’s associate MYbank will steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China.”

In addition to this, the official statement by the company said:

“Ant Group, together with MYbank, will also continue to support the research, development, and trial of PBOC’s e-CNY.”

Also, it should be noted that MYbank has said that it had over 35 million small business and individual clients as of the end of the previous year.

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