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In his writings, Fan Yifei clarified by implication that AliPay and WeChat Pay would not be able to provide the public with digital yuan exchange services-stating that current laws only allow commercial banks as DCEP is effectively sovereign cash renminbi (RMB). WeChat and AliPay Can’t Provide DCEP Exchange

The deputy governors submission went over much of the same content pertaining to China’s DCEP but there was some new information regarding which financial institutions in China would be able to offer exchange services to citizens for the digital yuan. In an article in China’s Financial News on Sept 15, Fan Yifei wrote in detail about China’s digital yuan development-also known as a Digital Cash Electronic Payment (DCEP) which is the PBOC’s version of a central bank digital currency (CBDC). The Deputy Governor of the People’s Bank of China, Fan Yifei recently discussed China’s digital yuan (DCEP)-indirectly revealing the implications a fee-free digital currency could have on payment giants Alipay and WeChat Pay. Will China’s fee-free digital yuan (DCEP) create competition for Alipay and Tencent’s WeChat pay-who currently dominate the payments sector in China’s already cashless society?