China: Will the digital Renminbi replace WeChat Pay, Alipay anytime soon? – Ambcrypto

“But, we have a question to discuss. Can it [Digital Renminbi] replace Alipay, WeChat Pay, and bank cards as the main electronic payment tool?” That was the question posed to Li Lihui, former President of the Bank of China, during the 2020 Caijing Annual Meeting about CBDCs. The exec responded that at least for the next ten years, Alipay, WeChat Pay, and credit/debit cards, will remain the main payment tools in China, adding that the digital Renminbi will not replace these payment tools. However, the former President of the Bank of China did say that the digital Renminbi has certain…