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WeChat to support China’s Central Bank Digital Currency on its platform
Source: | Author:QS | Published time: 2022-01-18 | 255 Views | Share:

WeChat, China’s largest messaging and payment application, will set up infrastructure to support the digital yuan, China’s central bank digital currency (CBDC). With over 800 million users on its app, the decision to include the digital yuan in WeChat’s infrastructure is expected to increase the adoption of the digital yuan in China.


The move will enable users in certain Chinese regions to access and use the digital yuan.


WeChat began as a project by Tencent in October 2010 known as ‘Weixin’ and officially launched in 2011. In 2012, the total number of users reached 100 million, and ‘Weixin’ was subsequently rebranded as ‘WeChat’ for the international market, the name it still uses today.


Since 2017, WeChat launched the ‘Mini Program’ feature, an app within the app. The feature enabled business owners to create mini-apps and directly reach and sell their products to consumers. WeChat’s support of China’s CBDC might boost users’ adoption of the digital currency within its mini-programs.


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