The terms of the restructuring are expected to curb the Alibaba affiliate's profitability and valuation.
It's unclear what the new group's mission will be, though People's Bank of China employees working on its digital currency efforts will be involved.
"We are not like libra and we don’t have an ambition to replace existing currencies,” said a former governor of the People's Bank of China.
A lottery in Suzhou will additionally trial the offline feature of the digital yuan, per a Monday report.
Ant’s suspended IPO exposes potential financial risks posed by the fintech giant’s digital payment platform Alipay. The digital yuan may be China’s attempt at a solution.
The governor of the People's Bank of China praised recent tests of the digital yuan at the Hong Kong Fintech Week conference on Monday.
China's president said the nation should proactively participate in setting the international framework.
The new version will essentially also clear the way for the digital yuan to be the one and only official yuan-pegged token in mainland China.
Chinese authorities have arrested 77 individuals and shuttered gambling sites using the dollar-pegged tether (USDT) cryptocurrency.
Chen Yulu, deputy governor of the People's Bank of China, said over the weekend the digital yuan project should be accelerated as an important part of the nation's financial infrastructure.
The nation would wield stronger influence in the world as a result of the digital yuan issuance, according to a magazine from the People’s Bank of China (PBoC)
China's central bank, part of CoinDesk's new 50 list, is a pioneer of central digital currencies. Now the rest of the world is racing to catch up.
The food and beverage giants are among the restaurants and retail shops reportedly on a local government list for testing of China's central bank digital currency.
China’s central bank confirmed it will be testing a mobile app for the digital yuan in four cities, with a fifth in the works, and emphasized it’s a test.
Thirty-eight banks have started using the platform since it entered the test phase in September 2018.