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Chinese WhatsApp launched chinese CBDC payment method

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The state news organization China Daily reported that users now have the option of using the Chinese CBDC e-CNY as a means of payment via the WeChat Pay Wallet.

After the Chinese government blocked social media platforms such as Facebook and other Internet services such as Google from the population a few years ago, WeChat now has over 2 billion monthly users. For comparison: According to current estimates, the monthly Twitter users are in the three-digit million range.

According to reports from the past, the Chinese government has already exerted pressure to get various companies such as McDonalds, Nike and Visa to participate in the CBDC pilot. How the decision by the instant messaging service came about is still unclear.

The Chinese CBDC dystopia

However, in order to actually be able to pay e-CNY in the Chinese CBDC, WeChat users must already use the People’s Bank of China (PBoC) issued wallet must be verified in the iOS and Android App Store. Only then can e-CNY be sent and received via the WeChat wallet.

That the Chinese CBDC project is considered to be the most advanced in the world is nothing new. The high number of users and acceptance of WeChat plays into the cards of the Chinese government. While the green QR codes are distributed across the country at millions of sales outlets, they could soon no longer use fiat money, but instead use the Chinese central bank currency.

The scene of the Asian surveillance state should thus be perfected in time for the Olympic Games. WeChat would also “try out new digital yuan payment options in the Olympic Winter Village in Beijing,” according to the article by China Daily.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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