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The digital yuan is not like other cryptocurrencies. Trials have been running since last year in cities across China for the new 'Digital Currency Electronic Payment' (DC/EP) system вЂ“ a digital yuan controlled by the central bank. Now, 18 months down the track, Facebook's plans are stalled and China has the most robust central bank digital currency (CBDC) in the world. 'We can't sit here and assume that because America is today the leader that it will always get to be the leader if we don't innovate.' Loading He was giving US regulators a choice вЂ“ the Facebook way or the China way. 'As soon as we put out this white paper on Libra, what we saw was race to try to build a system like this quickly, a digital ,' he said. But Mr Zuckerberg had a strident defence for his project. That spooked government regulators, who worried about how it might upend the bank-dominated financial system. The PeopleвЂ™s Bank of China in recent months has accelerated the testing of its digital yuan, putting the operators of Alipay and WeChat Pay in a difficult spot: They have little choice but to take. Key points: China has one of the most advanced digital payment systems in the world and their use is widespread China has one of the most advanced digital payment systems in the world and their use is widespread Experts say China's Digital Currency Electronic Payment is the opposite of Bitcoin as it is about control and regulation Experts say China's Digital Currency Electronic Payment is the opposite of Bitcoin as it is about control and regulation Beijing has been trialling the central bank-backed digital currency since last year, and has offered incentives to users The tense questioning centred on Facebook's plan to create a new digital currency called Libra. The onset of the major techlash has left China watchers guessing as to what is the overarching reason for the consecutive measures taken. The CPC is employing strict measures to keep the Tech industry under its thumb to ensure that their goals align to achieve the greater Chinese Dream. Pretty quickly, the app became the primary way for friends to send money to. Decrypting ChinaвЂ™s Big Tech crackdown Part 2.

In October 2019, Facebook CEO Mark Zuckerberg sat before the United States House of Representatives Financial Services committee and endured a barrage of scrutiny. WeChat Pay saw 16 million red envelopes get sent in the first 24 hours of launch, according to The Wall Street Journal.

Some streetjournal alipay wechat pay ecny