Tencent, owner of China’s largest messaging app with its more than 1 billion users, said it will start accepting digital yuan payments via its mobile wallet WeChat Pay. (CNBC)
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Tencent, owner of China’s largest messaging app with its more than 1 billion users, said it will start accepting digital yuan payments via its mobile wallet WeChat Pay. (CNBC)
Talking point: Beijing has been developing a digital yuan since 2014. An official at China’s central bank proposed letting foreign visitors and athletes use it at the 2022 Winter Olympics. WeChat is one of China’s biggest payment services, and its support is expected to provide a significant boost to the currency. Canada is still exploring the logistics of rolling out such an asset. Finance Department officials think there could be “wide-reaching implications” for the economy if the Bank of Canada issues its own digital currency. The central bank has spent years looking at whether to introduce one, but so far hasn’t publicly committed.
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