China’s CBDC to Provide Backup for Alipay and WeChat Pay

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An official of the People’s Bank of China (PBOC) stated that China’s central bank digital currency (CBDC) would act as a backup for major players in the mobile payment sector like Alibaba’s Alipay and Tencent’s WeChat Pay. Digital Yuan to Ensure Financial Stability  According to the South China Morning Post on Friday (Mar  26, 2021),

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