The reality of the situation on the ground is much more mundane. Instead, the PBoC is mandating that businesses only use business payment codes instead of personal ones - a common scheme for small family-run businesses. “The government has decided to strengthen supervision due to the hidden risks of personal payment barcodes. “This not only confuses the nature of the transaction, but also leads to the distortion of transaction information, which affects risk monitoring.” For example, some institutions use barcode transfer services for personal receipts to handle large-scale ,” Tony Ling, a partner at China-based Bizantine Capital, wrote in a note to Blockworks. Ling also added that the use of personal payment codes was a common scheme for laundering funds from underground casinos. Underground casinos would often recruit people to rent their personal payment code to the casino in order to launder funds, in exchange for a cut of the proceeds. #ECNY WECHAT PAY CHINACHINA MORNINGPOST CODE# Part of the reason why this announcement generated such considerable interest is because of the expectation that eCNY will eventually replace the payment rails offered by WeChat Pay and AliPay. Given the two apps popularity in China they control a significant amount of the supply of M2, or commercial bank money. This is problematic for any central banker, as they cannot exert the same amount of control on M2 as they can on cash.Īs the People’s Bank of China whitepaper on eCNY explains, the “eCNY will provide the public with a new interoperable way of payment, which will further diversify payment instruments and make the payment system more efficient and safer. The Chinese authorities support coordinated development of various payment methods.”ĭuring a panel on the topic earlier this year at CoinDesk’s Consensus conference, Yaya Fanusie, a Fellow at the Center for a New American Security, and former CIA counter terror financing analyst, pointed out that China’s push for a CBDC via the eCNY is about gathering as much data as possible - to combat things like tax evasion and illegal gambling amongst other things. “You’re creating architecture that gives the government a little bit more insight into transactions.” The key thing here is that the central bank is, I think, inserting itself more into the payment architecture,” he said during the panel. Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.The new wallet of China’s state-issued digital currency has quickly become one of the most downloaded applications in the country, within days of its launch. #ECNY WECHAT PAY CHINACHINA MORNINGPOST FREE# Wallet Launch Boosts Digital Yuan Ahead of Lunar New Year and Winter Olympics Its use and integration with other apps have contributed to an increase of digital yuan payments, media reports unveil. In the week after it was offered to the public, the digital yuan (e-CNY) wallet has placed among China’s most downloaded apps. On Wednesday, a day after its premiere, its downloads exceeded those of Tencent’s Wechat, and it became the most popular app on Apple’s iOS, the South China Morning Post reported, quoting market researchers. By Monday, it was also the second most downloaded financial app in Xiaomi’s app store. The e-CNY app is widely available for download but at the moment it can be used only in select areas. #ECNY WECHAT PAY CHINACHINA MORNINGPOST FREE#.#ECNY WECHAT PAY CHINACHINA MORNINGPOST DOWNLOAD#. #ECNY WECHAT PAY CHINACHINA MORNINGPOST CODE#.
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