Chinese central bank increases exposure to its ongoing national digital currency pilot project by involving two large private banks in the project.
According to a Monday Bloomberg, MYbank and WeBank report help the People's Bank of China to expand its exposure to users in ongoing pilot projects of its central bank digital currency, the digital yuan.
As part of the integration, LeMYbank's service will soon be introduced in the PBoC's digital yuan application, people familiar with the matter told Bloomberg.
The electronic wallets of MYbank and WeBank would have exactly the same functions as those of the six lender states held in the lawsuit. As before reported , the PBoC collaborated with public banks such as Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China on the project.
A spokesperson for MYbank told Bloomberg that the bank will "steadily advance the lawsuit in accordance with the general arrangement of the PBoC". MYbank and WeBank did not immediately respond to Cointelegraph's request for comment.
As previously reported by Cointelegraph, WeBank is China's leading digital bank , providing services to more than 200 million customers in May 2020. The bank has actively experimented with blockchain technology in recent years, becoming one of the world's largest blockchain patent filers in 2019 . Chinese internet giant Tencent is said to be WeBank's largest player, holding a 30% stake.
Launched by Alibaba and its subsidiary Ant Financial in 2015, MYbank is a large private online commercial bank focused on lending services to small and mediumcompanies. The founder of Alibaba, Jack Ma, is the largest shareholder of MYbank, holding a 30% stake.
Last week, China's state-owned commercial bank, Postal Savings Bank of China, posted a biometric hardware wallet with the aim of simplifying access to the CBDC.