While China’s central bank digital currency (CBDC), the digital yaun, goes through technological and business model upgrades, wallet providers should facilitate payment options in all retail scenarios, according to a statement made by Changchun Mu, director of the Digital Currency Research Institute of the People’s Bank of China, on Sept. 3.
In a speech at the annual China International Service Trade Fair, Mu said the digital yuan has “undergone a major upgrade” in terms of its “organizational forms” and business model. Now, it’s the turn of the payment tools to be upgraded.