Ant Group And Tencent Holdings Reveal Their Role in Developing Digital Yuan

Ant Group and Tencent Holdings have recently revealed that they are extending their collaboration with the People’s Bank of China in the development of Digital Yuan. Major technology and commerce companies have been instrumental in providing aid to the central bank of China in the development of the Digital Yuan.

Ant Group and Tencent Holdings Extends Collaboration for Developing Digital Yuan

The recent move from the giants has indicated that major technology and commerce companies based in China are beginning to open up regarding their indulgence in the development of digital yuan.

The firms have extended their collaboration in an annual trade fair, the Digital China Summit, that is held in the city of Fuzhou in southeastern Fujian province.

In accordance with the data revealed in the South China Morning Post, Ant Group began operating with the PBoC on the digital Yuan in the year 2017. It was way before China made an official debut in the digital currency pilots in the year 2020.

Moreover, the digital currency institute of China reportedly used the mobile app development platform of China to create its own digital yuan app.

A spokesperson of Tencent has recently revealed that it began CBDC tests as early as February 2018, and said:

“Tencent has been taking part in the PBOC’s e-CNY project from the start, and will continue to carry out pilot trials in accordance with the guidance of the PBOC.”

Technology and Commerce Firms Involving in Development of Digital Currency

Huawei Technologies, the smartphone giant and e-commerce platform, JD.com have also seen involvement in the development of digital yuan.

Also, it should be noted that last year, Huawei became the first smartphone to present a hardware wallet for the digital currency of China. 

In late 2020, JD.com reportedly turned out to be the first online platform to show acceptance for the digital yuan.