{"id":462830,"date":"2021-05-02T20:50:59","date_gmt":"2021-05-02T20:50:59","guid":{"rendered":"https:\/\/wncen.com\/?p=462830"},"modified":"2021-05-02T20:50:59","modified_gmt":"2021-05-02T20:50:59","slug":"chinas-work-with-alibabas-ant-on-digital-yuan","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chinas-work-with-alibabas-ant-on-digital-yuan\/","title":{"rendered":"China\u2019s Central Bank To Work With Alibaba\u2019s Ant On Digital Yuan"},"content":{"rendered":"

Per a report<\/a> by VOA News, Alibaba Group\u2019s affiliate Ant Group has signed a partnership with the People\u2019s Bank of China. The partners will work to build a platform for the country\u2019s central bank digital currency (CBDC)<\/a>. VOA quotes the Chinese state media Global Times.<\/p>\n

The Digital Yuan, also know as Digital Renminbi or e-CNY, the development will be \u201cjointly promote\u201d by the partners and will be based on Alibaba\u2019s affiliate. The Global Times revealed that banking institutions have worked with Ant and the multinational Chinese conglomerate Tencent<\/a> for over 3 years. Together they have co-develop the Digital Yuan.<\/p>\n

Ant and Tencent have gone through a lot of scrutinies by China\u2019s government. However, this has not prevented them to work on the project. VOA claims that the People\u2019s Bank of China<\/a> requires assistance to build the CBDC\u2019s infrastructure and its distribution channels. China expects the e-CNY to be used in local retail payments and later to be adopted by foreign countries.<\/p>\n

Francis Lun, CEO of Geo Securities, told VOA that Alibaba\u2019s affiliate was ordered by Chinese authorities to submit their database. Ant is one of China\u2019s largest payment providers and has control of over 54% of the countries e-payment market, per data shared in the report. The company offered to assist, but the government refused for concerns about a potential \u201cconflict of interests\u201d. Lun said:<\/p>\n

The Chinese authorities are telling Ant that you should hand over your big data to the central bank. The data won\u2019t remain in private hands since the Communist Party is the boss.<\/p><\/blockquote>\n

The Digital Yuan To Be Nothing Like Bitcoin<\/h2>\n

Authorities on the People\u2019s Bank of China have said their CBDC will have unique features. According to the VOA report, the digital Yuan will be a tool for government surveillance. He compared China\u2019s e-CNY with George Orwell\u2019s classic \u201c1984\u201d, a complete opposite of Bitcoin<\/a>.<\/p>\n

The digital currency will allow China to track all transactions and it will be part of an attempt to carry out a \u201cde-dollarization\u201d of the international financial system. However, the distribution phase will be critical for the long-term survival of the CBDC. Lin told VOA the following:<\/p>\n

By collaborating with the central bank [to launch the e-CNY], these fintech giants will be relieved from pressure in the regulator\u2019s anti-monopoly probe. Their monopoly is hard to break up unless there emerges a competitor as strong as the e-CNY to take up at least one-third of the market shares.<\/p><\/blockquote>\n

Via her Twitter account Dovey Wan, founder partner at Primitive Crypto, shared an image with the digital Yuan\u2019s (RMB\/DECP, Digital Currency\/Electronic Payment) wallet. Still in its test phase, the wallet will allow users to send and receive money with a simple swipe up or down<\/a>. Wan said<\/a>:<\/p>\n

This is a beta now being tested in Shenzhen, some municipal payment and public economic activity will be first adopted, then merchant adoption. China is really good at deploying new tech infra at large scale, this wont be exception.<\/p><\/blockquote>\n

\"Digital
Source: Dovey Wan<\/figcaption><\/figure>\n

Bitcoin trades<\/a> at $56.743,87 with a 1.8% loss in the daily chart. In the weekly and monthly chart, BTC has a 13.3% profit and a 3.4% loss, respectively.<\/p>\n

\"Digital
BTC consolidates at current levels. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Per a report by VOA News, Alibaba Group\u2019s affiliate Ant Group has signed a partnership with the People\u2019s Bank of China. The partners will work to build a platform for the country\u2019s central bank digital currency (CBDC). VOA quotes the Chinese state media Global Times. The Digital Yuan, also know as Digital Renminbi or e-CNY, the development will be \u201cjointly promote\u201d by the partners and will be based on Alibaba\u2019s affiliate. The Global Times revealed that banking institutions have worked with Ant and the multinational Chinese conglomerate Tencent for over 3 years. Together they have co-develop the Digital Yuan. Ant and Tencent have gone through a lot of scrutinies by China\u2019s government. However, this has not prevented them to work on the project. VOA claims that the People\u2019s Bank of China requires assistance to build the CBDC\u2019s infrastructure and its distribution channels. China expects the e-CNY to be used in local retail payments and later to be adopted by foreign countries. Francis Lun, CEO of Geo Securities, told VOA that Alibaba\u2019s affiliate was ordered by Chinese authorities to submit their database. Ant is one of China\u2019s largest payment providers and has control of over 54% of the countries e-payment market, per data shared in the report. The company offered to assist, but the government refused for concerns about a potential \u201cconflict of interests\u201d. Lun said: The Chinese authorities are telling Ant that you should hand over your big data to the central bank. The data won\u2019t remain in private hands since the Communist Party is the boss. The Digital Yuan To Be Nothing Like Bitcoin Authorities on the People\u2019s Bank of China have said their CBDC will have unique features. According to the VOA report, the digital Yuan will be a tool for government surveillance. He compared China\u2019s e-CNY with George Orwell\u2019s classic \u201c1984\u201d, a complete opposite of Bitcoin. The digital currency will allow China to track all transactions and it will be part of an attempt to carry out a \u201cde-dollarization\u201d of the international financial system. However, the distribution phase will be critical for the long-term survival of the CBDC. Lin told VOA the following: By collaborating with the central bank [to launch the e-CNY], these fintech giants will be relieved from pressure in the regulator\u2019s anti-monopoly probe. Their monopoly is hard to break up unless there emerges a competitor as strong as the e-CNY to take up at least one-third of the market shares. Via her Twitter account Dovey Wan, founder partner at Primitive Crypto, shared an image with the digital Yuan\u2019s (RMB\/DECP, Digital Currency\/Electronic Payment) wallet. Still in its test phase, the wallet will allow users to send and receive money with a simple swipe up or down. Wan said: This is a beta now being tested in Shenzhen, some municipal payment and public economic activity will be first adopted, then merchant adoption. China is really good at deploying new tech infra at large scale, this wont be exception. Bitcoin trades at $56.743,87 with a 1.8% loss in the daily chart. In the weekly and monthly chart, BTC has a 13.3% profit and a 3.4% loss, respectively.<\/p>\n","protected":false},"author":535,"featured_media":462831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[60533,83657],"class_list":["post-462830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-digital-yuan","tag-e-cny"],"acf":[],"yoast_head":"\nChina\u2019s Central Bank To Work With Alibaba\u2019s Ant On Digital Yuan<\/title>\n<meta name=\"description\" content=\"Per a report by VOA News, Alibaba Group\u2019s affiliate Ant Group has signed a partnership with the People\u2019s Bank of China. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"China\u2019s Central Bank To Work With Alibaba\u2019s Ant On Digital Yuan","url":"http:\/\/wncen.com\/news\/chinas-work-with-alibabas-ant-on-digital-yuan\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/chinas-work-with-alibabas-ant-on-digital-yuan\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Digital-Yuan-e-CYN-China.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Digital-Yuan-e-CYN-China.jpg?fit=1064%2C453"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["digital yuan","e-cny"],"dateCreated":"2021-05-02T20:50:59Z","datePublished":"2021-05-02T20:50:59Z","dateModified":"2021-05-02T20:50:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"China\\u2019s Central Bank To Work With Alibaba\\u2019s Ant On Digital Yuan\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/chinas-work-with-alibabas-ant-on-digital-yuan\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/chinas-work-with-alibabas-ant-on-digital-yuan\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Digital-Yuan-e-CYN-China.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Digital-Yuan-e-CYN-China.jpg?fit=1064%2C453\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"digital yuan\",\"e-cny\"],\"dateCreated\":\"2021-05-02T20:50:59Z\",\"datePublished\":\"2021-05-02T20:50:59Z\",\"dateModified\":\"2021-05-02T20:50:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/Digital-Yuan-e-CYN-China.jpg?fit=1064%2C453","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=462830"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/462831"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=462830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=462830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=462830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}