Chinese Social Media Platform Integrates Digital Yuan

WeChat, which is the most used program from social media to messaging and payment in China, where many western applications are prohibited, can now be paid with digital yuan. WeChat Pay, which is used in most of the country, now supports the official e-CNY, or digital yuan application. According to reports in the country media, users can currently use their CBDC wallets in WeChat’s “mini-programs”. In the short term, the usage areas are expected to increase significantly.

In the application, daily payments are limited for the time being. Users will be able to trade up to 5000 yuan, or approximately $720 per day. The limit per transaction will be 2000 yuan (about $290).

As it is known, China is seen as the most advanced country in the world in terms of CBDCs. The Chinese government, which has been aggressively experimenting with digital yuan since the beginning of 2020, has especially used the Shenzhen region. In China, the world’s most populous country, the public has not shown the expected interest in the digital yuan so far. It is known that users are particularly concerned about privacy and prefer cash to prevent personal payments from being controlled by government bodies. Cryptocurrencies, the only option to ensure this privacy, were also completely banned in September of 2021.