CEO of fintech giant Ant Group pledges support for digital yuan at Shanghai conference, promotes cross-blockchain use
- Eric Jing Xiandong said the e-CNY could be as valuable to industrial internet use as mobile payments were for consumer use
- China has been pushing the use of its sovereign digital currency, telling Alipay and WeChat Pay to unify payment QR codes
The e-CNY could be as valuable to the industrial internet as mobile payments were to the consumer internet, Jing said at the “Inclusion Conference on the Bund” on Thursday, according to Chinese media reports.
“Because the biggest feature of the e-CNY is programmability, it can ensure cross-chain communication between the payment blockchain and the business blockchain in the payment chain of yuan clearing, so that one party can perform the contract and the other party can automatically deliver it,” he explained. “This will bring huge synergy effects to the industry.”
Both apps support e-CNY payments, but not all types of mobile payments use the same QR code scheme.
The Inclusion Conference, which runs through Saturday, is being held for a second time after the first conference in 2020. China’s strict zero-Covid policies, which were finally eased last December, prevented the event from taking place in the last two years.