01-11-2022, 10:43 AM
- China is ramping up efforts to roll out the digital yuan to the broader population, as the country’s technology giants like Alibaba and Tencent jump on board.
- But will Chinese citizens — who already use two dominant mobile payment systems run by these same tech firms — begin paying with the digital yuan?
- One analyst questioned what incentives there are for Chinese citizens to use the digital yuan over the existing dominant systems of mobile payments.
![[Image: 106998181-1641558077725-gettyimages-1237...=740&h=416]](https://image.cnbcfm.com/api/v1/image/106998181-1641558077725-gettyimages-1237541108-E-CNY_App.jpeg?v=1641558409&w=740&h=416)
China is ramping up efforts to roll out the digital yuan to the broader population, as the country’s technology giants like Alibaba and Tencent jump on board.
But there are challenges ahead and one particular question stands out: Will Chinese citizens — who already use two dominant mobile payment systems run by these same tech firms — begin paying with the digital yuan?
The People’s Bank of China (PBOC), the country’s central bank, has been working on the digital form of its sovereign currency since 2014.
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