China’s Central Bank Official: e-CNY Must Be Available in All Retail Scenarios

At a Beijing trade forum on Sunday, Changchun Mu, head of the digital currency research institute at the People’s Bank of China (PBoC), stated that the digital yuan, the Chinese central bank digital currency (CBDC) currently in trial, ought to be accessible in all retail payment scenarios.

Mu noted the necessity of wallet providers– such as WeChat, Alipay, bank apps, and other e-CNY operators– adhering to compliance requirements and obtaining the relevant financial licenses.

As a starting point for the upgrade process, Mu suggested unifying QR code standards to enable barcode interoperability.

Moreover, the PBOC has committed to introducing a unified QR payment code, allowing users to make payments by scanning a barcode.

The digital yuan testings have been extended to 26 locations in 17 provincial-level cities and regions, though the e-CNY is yet to reach widespread adoption.