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China’s digital yuan to provide backup for online payment platforms: PBOC official

China’s sovereign digital currency is aimed at maintaining financial stability by providing a backup should “something happen” to Alipay and Tencent’s WeChat Pay, the two dominant digital payment platforms in the country, said an official of the People's Bank of China. 

China is rolling out pilot trials of its digital yuan in cities across the country as it shifts to a cashless society. The National Development and Reform Commission, the country's . . .

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