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Chinese Tech Giant Tencent Joins CBDC Interoperability Pilot

China’s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots. WeChatPay, along with its rival Alipay, has cornered some 15% of the Chinese payments market. But in recent years, Tencent has moved to align with the People’s Bank of China (PBoC)’s CBDC adoption drive. The project itself is a multinational effort that involves not only the PBoC, but also the Bank for International Settlements (BIS), as well as the central banks of Hong Kong and the United Arab Emirates. The PBoC has repeatedly insisted that the digital yuan and private-sector alternatives like WeChat Pay will eventually complement one another.

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