Dow Rallies As Bitcoin Surges Above $54,000; Tesla Jumps Before Earnings, While Coinbase Climbs

The Dow Jones Industrial Average rallied 100 points Monday, as Bitcoin surged above $54,000. Tesla stock raced higher ahead of its earnings after the close. Read More...


Analysis: China digital currency trials show threat to Alipay, WeChat duopoly

In China’s commercial hub Shanghai, six big state banks are quietly promoting digital yuan ahead of a May 5 shopping festival, carrying out a political mandate to provide consumers with a payment alternative to Alipay and WeChat Pay. The banks are persuading merchant and retail clients to download digital wallets so that transactions during the pilot programme can be made directly in digital yuan, bypassing the ubiquitous payment plumbing laid by tech giants Ant Group, an affiliate of Alibaba 9988.HK, and Tencent 0700.HK. “People will realise that digital yuan payment is so convenient that I don’t have to rely on Alipay or WeChat Pay anymore,” said a bank official involved in the rollout of e-CNY for the Shanghai trial, under the guidance of China’s central bank.

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