Mu Changchun, the head of a Chinese Central Bank, asserts that the digital yuan could revolutionize retail payments nationwide, potentially outshining cash. He urges banking and e-pay allies to optimize QR Code protocols and encourages merchants to embrace e-CNY as a viable payment mode.
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Digital Yuan to Dominate Retail Platforms: A Chance or Challenge for Crypto Evolution?
“The Bank of China declared retail platforms should offer digital yuan as a payment option. Commercial banks and payment platforms like WeChat and Alipay are urged to integrate Central Bank Digital Currency (CBDC) via QR codes. No specific technical details about integration or security measures have been provided. The move raises concerns about the future of other cryptocurrencies and their relationship with traditional banking systems.”
Digital Yuan Reinventing Retail: A Fascinating Future or a Risky Undertaking?
“Changchun Mu, from the Digital Currency Research Institute at PBOC, advocates for wider digital yuan use in retail. He envisions wallet providers adhering to financial licensing standards and a standardized QR code system for efficient transactions. Trials for e-CNY have expanded to 26 locations across 17 cities.”