Digital yuan conceived to counter Alipay-like platforms, says former PBoC executive By Cointelegraph

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Digital yuan conceived to counter Alipay-like platforms, says former PBoC executive

China’s digital yuan will utilize smart contracts, and will be built to counter Alipay-like payment platforms designed by the privately owned conglomerates, former People’s Bank of China director Yao Qian said.

Speaking at the International Finance Forum in Beijing, Qian argued that simply simulating its physical counterpart would not be enough for the digital yuan to succeed. To fully benefit from being digital, it will move toward the “smart currency” by making use of smart contracts, he added according to local sources.