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Chinese Central Bank Official Calls for Digital Yuan to be Available in All Retail Payment Scenarios

According to a senior official at the People's Bank of China, the digital yuan must be available for all retail payment scenarios, including wallet providers such as WeChat, Alipay, and commercial banks with mobile banking apps. Compliance requirements and relevant financial licenses must also be obtained. The use of QR code payment systems, which is already widespread in China, will be unified to achieve barcode interoperability.

The digital yuan is currently being tested in at least 26 locations in China, but widespread adoption is still far from being achieved. On a wholesale level, the digital yuan can be used for settlement as part of the financial market infrastructure, thereby enhancing wholesale payment efficiency.

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