China’s Central Bank Works with Ant, Tencent to Develop Digital Currency
Voice of America
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-CNYA Swiss flag is pictured in front of the Burgenstock Resort where the Summit on Peace in Ukraine will take place June 15 and 16, in Lucerne, Switzerland, May 28, 2024. FILE - Chinese Foreign Minister Wang Yi speaks at a press conference in Beijing, May 30, 2024. Ukraine’s President Volodymyr Zelenskyy listens to a question during a press conference after the 21st Shangri-La Dialogue summit at the Shangri-La Hotel in Singapore, June 2, 2024.
FILE - The United Nations logo is pictured in front of the United Nations Headquarters building during the U.N. General Assembly in the Manhattan borough of New York, Sept. 22, 2016. FILE - Greece's Foreign Minister Giorgos Gerapetritis speaks in Athens, May 17, 2024. FILE - Panama's Foreign Minister Janaina Tewaney speaks in Panama City, Panama April 11, 2023.
FILE - Male students arrive at the Herat University after the universities were reopened in Herat, Afghanistan, March 6, 2023. FILE - Afghan women students stand outside the Kabul University in Kabul, Afghanistan, Dec. 21, 2022. Taliban security forces are upholding a higher education ban for women by blocking access to university campuses.