9/26/2023 0 Comments Yicai global city tier definition![]() Should Alipay or WeChat pay goes bankrupt, which is extremely unlikely, it creates systematic risk," Linghao Bao, analyst at Trivium China, told CNBC. "The existing system is owned by private companies. China's digital payments arena is dominated by Alipay, which is run by Alibaba affiliate Ant Group, as well as WeChat Pay, run by internet giant Tencent. Fan also argues that a digital yuan could help with financial stability through a system of "controllable anonymity." This is where the payments would be anonymous to some degree, but data analysis tools could help the central bank catch illegal activities.Īnother reason behind the PBOC's efforts could be to increase competition in the payments space and reduce systemic risk. In a separate article, Fan outlined how a CBDC could make payments more efficient and improve the transmission of monetary policy. ![]() The PBOC sees a number of other benefits to the digital yuan. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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