China’s Central Bank Works with Ant, Tencent to Develop Digital Currency

TAIPEI - China’s central bank has signed a strategic cooperation agreement with Ant Group, the fintech affiliate of Alibaba Group, to help build a technical platform for its sovereign digital currency, state media reported.

China has been developing its electronic yuan, or e-CNY, since 2014 with an aim to replace some of the cash in circulation. In lieu of a timetable for its official launch, the digital cash will first be used for retail payments domestically before it is used abroad, Chinese authorities have said. The two sides will jointly promote the development of the e-CNY, based on Ant’s database, Ocean Base, and its mobile development platform, mPaaS, according to the state tabloid Global Times. The planned e-CNY