Central Bank of China Calls for Increasing Use of Digital Yuan

The People's Bank of China pushed for a wider range of use cases for its central bank's digital currency. According to the monetary authority, a deeper interconnection with traditional electronic payment platforms will make digital yuan easier for consumers.

China's Central Bank insists on expanding the digital Yuan environment

China's monetary policy regulator has called for better integration of the digital yuan system (e-CNY), and other traditional electronic payment tools. This will improve the convenience of users of the central bank's digital currency (CBDC), according to The People's Bank of China.

Additional efforts are needed to create a favorable environment for digital yuan use, Fan Yifei, PBOC Deputy Governor, stressed in a statement at a recent forum in Beijing on digital finance.

Fan, quoted by China.org.cn's news portal, stated that the regulations and standards in areas like digital identities, Bluetooth codes, and QR codes need to be unified in order to allow interconnection of different types of payment systems.

The deputy governor stressed the importance of increasing the security of the digital currency platform through upgrading relevant technologies to prevent leakage of sensitive user data and reduce security risks.

China's authorities have promoted the digital yuan with a series red envelope campaigns. They gave away millions of dollars worth of e-CNY in order to encourage its use. They are also increasing the coverage of the pilot digital yuan project in various regions.

The number of use cases has also increased significantly. The latest example comes from the public transport sector. The operator of the subway in Ningbo in Zhejiang's eastern province began accepting digital yuan payments in August. Meanwhile, Guangzhou authorities allowed passengers to purchase tickets using the digital currency issued by the state.

Are you optimistic that China will significantly speed up the introduction of digital yuan in China? Please comment below to let us know your thoughts.

By: Lubomir Tassev
Title: Central Bank of China Calls for Increasing Use of Digital Yuan
Sourced From: news.bitcoin.com/central-bank-of-china-calls-for-increasing-use-of-digital-yuan/
Published Date: Mon, 12 Sep 2022 09:30:24 +0000

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