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вЂњBecoming a public company will enhance transparency to our stakeholders, including customers, business partners, employees, shareholders and regulators,вЂќ Ant Group Executive Chairman Eric Jing said in the announcement. If approved, the combined offering, with a valuation of more than $200 billion, is likely to be one of the largest in history. Last week, the company said the dual China listings would fuel its mission to speed digitization of the nationвЂ™s service industry, drive domestic demand, position it to develop global markets and further invest in technology and innovation. The mobile banking market reported 56.2 trillion yuan ($8 trillion) worth of transactions in the fourth quarter of 2019, according to Analysys Mason, the London-based global research firm.ДЄn investigation could chill prospects for Ant GroupвЂ™s plans to file an initial public offering (IPO) on ShanghaiвЂ™s Nasdaq-style STAR Market and the Hong Kong Stock Exchange. COVID-19 and its aftermath moved the country from cash to online payments. There are estimates that the companies capture all but 6 percent of the digital payment market with Alipay at 55 percent while WeChat Pay has 39 percent.

The PeopleвЂ™s Bank of China, the nationвЂ™s central bank that regulates financial institutions, has alleged the digital payment companies have used their strong positions to crush competition, sources told the news service.ДЇor more than a month, the governmentвЂ™s antitrust watchdog has been gathering information on Ant GroupвЂ™s Alipay, the online payments arm of Alibaba Group Holding Ltd., ChinaвЂ™s eCommerce superstore, and WeChat Pay, a division of Tencent Holdings Ltd., Reuters reported. To exchange cash into e-CNY, users will have to move money from one of the commercial banks authorized by the PBOC to operate and circulate the digital currency, including digital-only banks like Tencent-backed WeBank and Ant-backed MyBank.ChinaвЂ™s State CouncilвЂ™s Anti-Monopoly Commission is considering investigating Alipay and WeChat Pay, two of the countyвЂ™s biggest online payment and money transfer platforms, Reuters reported. Though the e-CNY wallet is now downloadable in the Chinese app stores, only users in a list of pilot cities and at the upcoming Winter Olympics venue can actually sign up, top up their accounts and spend the virtual currency at one of the 8 million вЂњpilot scenarios,вЂќ such as making purchases on Alibaba and paying Didi rides.

echo the international initiative and explore the improvement of cross-border payment.

support fair competition, efficiency and safety of retail payment services and.

diversify the forms of cash provided to the public by the central bank, satisfy the publicвЂ™s demand for digital cash and support financial inclusion.

Issued by the central bank, it serves as the statutory, digital version of ChinaвЂ™s cash in circulation, or вЂњM0вЂќ indeed, the regulator intends to make e-yuan payments work even without the internet, using NFC technology.ДЄccording to a research paper published by the Working Group on e-CNY Research and Development at the central bank last year, the digital yuan aims to: The e-CNY aspires to achieve different results. The PBOC has deemed bitcoin and the likes highly volatile, speculative and lacking intrinsic value, and pointed out that cryptocurrencies could be an instrument of money-laundering.

The digital yuan is by no means a manifestation of cryptocurrency, which is banned in China.

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Then at the start of 2022, in a clear sign of accelerating the trial, the PBOC made the e-CNY wallet available on the iOS and Android stores in China. People needed to enter a draw and apply to be early users in the beginning. Over the past two years, China has been piloting the use of digital yuan in a number of major cities, including Shenzhen. One of the fastest-growing apps in China right now, by installs, is the central bankвЂ™s digital yuan wallet: 261 million individual users (as opposed to enterprises), about one-fifth of the population, have set up e-CNY wallets so far, and 87.5 billion yuan ($13.78 billion) worth of transactions has been made using the digital fiat currency, Zou Lan, head of financial markets at the PeopleвЂ™s Bank of China (PBOC), said at a press event on Tuesday.

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