"I expect central bank digital currencies to continue to expand around the world," Chorzempa said. Since Facebook first proposed launching the Libra cryptocurrency, now rebranded Diem, there has been a "huge wave of interest" among central banks that are concerned that a private tech company "might take over their currency" in a similar manner to how Alipay and WeChat pay dominate payments in China, he said. With over 800 million monthly active users, WeChat Pay provides a smart and efficient payment solution for both consumers and merchants. Nevertheless, this app hasn’t had a large number of privacy-related scandals and concerns (as other famous apps have). WeChat users who have linked their Chinese bank accounts to their WeChat Pay can start purchasing online using WeChat Pay on their mobile app. WeChat Pay is the leading mobile pay platform in China, with more than 800 million monthly active users and over 1 billion daily transactions on average in 2018. "I wouldn't be too worried about the safety of a digital renminbi in a central bank regulated wallet," he added.īeyond China, Sweden is expected to be among the first advanced economies to launch a digital currency, according to the PIIE researcher. Wechat china wechat pay 800m Most of these scandals saw the light of day once WhatsApp became part of Facebook, but that’s not surprising (we’d say that’s about par for the course). The Chinese also prefer smartphone payment apps while travelling abroad, and the ability to offer this option can really benefit retailers. Intermediaries that sell the digital currency in China are also expected to be "quite safe and carefully regulated" so long as they are sanctioned by the government, Chorzempa said. "It's designed to have the same value as any regular renminbi, so there should be no price fluctuations to worry about." "I would say the safety levels (of the digital yuan are) very high and the risk is low," he said. To be sure, Chorzempa said China's digital yuan has very little in common with cryptocurrencies such as bitcoin, known for its high price volatility.
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