Mu Changchun, the head of the People’s Bank of China’s digital currency research institute, said that the central bank-backed digital yuan will be compatible with major mobile payment wallets like WeChat Pay and Alipay.

“They don’t belong to the same dimension. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet.”

On a different note, Mu said that the digital yuan operates on a centralized infrastructure, differentiating it from private currencies like Facebook’s Libra and Bitcoin (BTC).

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