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China digital currency to ‘provide backup’ for Alipay, Tencent’s WeChat Pay if ‘something happens’ to internet giants

Summary:
[unable to retrieve full-text content]A key objective of China’s sovereign digital currency is to maintain financial stability should “something happen” to Alipay and Tencent’s WeChat Pay, the two private platforms that dominate the nation’s vast digital payment market, the country’s central bank has said. China is steaming ahead with the roll-out of its digital yuan, carrying out pilot trials in cities across the country as it shifts to a cashless society that will give authorities unprecedented powers to survey the nation’s…

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[unable to retrieve full-text content]
A key objective of China’s sovereign digital currency is to maintain financial stability should “something happen” to Alipay and Tencent’s WeChat Pay, the two private platforms that dominate the nation’s vast digital payment market, the country’s central bank has said. China is steaming ahead with the roll-out of its digital yuan, carrying out pilot trials in cities across the country as it shifts to a cashless society that will give authorities unprecedented powers to survey the nation’s…

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