2022-01-12 17:59


2 Big WeChat Announcements - Digital Currency & Privacy!

Source:SCMP, Investopedia

Two big pieces of news have been going viral for WeChat! Make sure you know!

Privacy Being Disclosed on WeChat

WeChat, the ubiquitous messaging super app operated by Tencent Holdings, is rolling out an update that includes a detailed list of the personal information that it collects, the latest move from the company to comply with strict new laws and regulations in China governing user data.

The list can be found in the settings of the latest version of the app, which is currently still in beta testing on Android devices. It includes basic user information, devices associated with the account, contacts and data generated within the app, according to a report by Chinese technology news site IThome on Saturday. A list of which data has been shared with third parties is also available.

Tencent confirmed that the new version of WeChat is in beta testing but did not elaborate on the list feature.

The addition of the list is meant to comply with the countrys Personal Information Protection Law (PIPL), which went into effect in November, along with other regulatory requirements.

China Digital Currency on WeChat

China launched its pilot digital yuan on Tuesday, Jan. 4, 2022. The digital currency works through a mobile app, e-CNY, which is available on Android and Apple app stores. The app is still in a development phase and is restricted to select users such as domestic banks as China plans a nationwide rollout.

The digital yuan is also available on Tencent Holdings Limited's (TCEHY) WeChat, China's popular messaging app that has over 1 billion users. This is a significant shift from China's earlier plans of issuing digital yuan in select regions via a lottery. In June 2021, it announced that it would hand out 40 million renminbi ($6.2 million) via a lottery to citizens in Beijing. Earlier in February 2021, Chengdu, a city in Southwestern China, said it would hand $6 million in digital yuan. Shenzhen and Suzhou ran similar trials.

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