The People’s Bank of China’s Digital Currency Research Institute Director, Changchun Mu, recently spoke at the China International Service Trade Fair, expressing the desire to see the Chinese CBDC, or renminbi, included in all online retail payment options. Mu noted that the currency has undergone a major upgrade in terms of its organizational forms and business model, and now it is time to upgrade the payment tools. He suggested that commercial banks’ apps and platforms such as WeChat and Alipay should focus on implementing QR codes for the CBDC, while also upgrading the payment tools in the long term.Mu also discussed the wholesale payments issue, noting that it would be enough to integrate the CBDC payment option into the current interbank payment and settlement systems, without needing to completely change them. This comes as the Chinese government has recently unveiled a new data exchange powered by blockchain, the Hangzhou Data Exchange, which will streamline the exchange of corporate information technology data.

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Information	Details
Geography	Asia
Countries	🇨🇳
Sentiment	neutral
Relevance Score	8
People	Changchun Mu
Companies	Alipay, WeChat, Hangzhou Data Exchange, People’s Bank of China
Currencies	Ethereum, renminbi, Bitcoin
Securities	None