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Wechat will support

Wechat will support China’s government to boost the adoption rate of CBDC

Social Media giant. Wechat will support Chinese CBDC to boost the adoption rate. Wechat has more than 800 million active users and it will support the Chinese government to increase the adoption rate of the digital Yuan.

In the previous year, China started a crackdown on the Bitcoin miners. It has been pretty successful because there’s almost zero Bitcoin hashrate coming out of China. After this step, the country didn’t ban crypto mining in the country rather started working on its CBDC (Central Bank Digital Currency). All the process is completed as the Central Bank of China has launched its e-cny app. Now is the time for marketing and the adoption of digital Yuan.

Wechat will support

Wechat will support China’s CBDC:

Social media giant, Wechat will promote China’s CBDC to increase the adoption rate of digital Yuan, according to an announcement by the firm. Wechat has more than 800 million active users and it can convince them to use China’s CBDC. Alibaba’s Alipay is also included in this promotion process.

An analyst has explained that this step of the Central Bank of China makes sense because the residents are so much involved in these apps.  “Chinese consumers are so locked in Wechat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app,” he further explained.

Wechat will support the Chinese government but it is yet to be seen how much adoption happens in the coming days. Wechat’s support of the digital yuan adds to the social media app’s growing list of use cases which already includes a payment service, Wechat Pay.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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