The People’s Bank of China has urged the central bank to expand the conditions of use for its digital currency. The monetary authority believes that the connection with traditional e-payment platforms will make the digital yuan more convenient for consumers.
China’s central bank insists on expanding the digital yuan environment
China’s monetary policy regulator has called for improved integration between the digital yuan (e-CNI) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) said this would increase the convenience of Central Bank Digital Currency (CBCC) users.
To achieve this, more efforts should be made to expand the conditions and conditions of use of the digital yuan, PBOC Deputy Governor Fan Yifei emphasized in his statement at the recent Digital Finance Forum in Beijing.
Fan, quoted by the state-run China.org.cn news portal, explained that regulations and standards in areas such as digital IDs, Bluetooth and QR codes should be unified to facilitate the integration of various payment systems.
The Deputy Governor also pointed out the need to improve the security of the digital yuan platform by improving relevant technologies to avoid sensitive user data and avoid data security risks.
Chinese authorities are promoting the digital yuan in a series of red-mail campaigns, giving away millions of dollars in e-CNI to stimulate its use. The number of regions covered by the Digital Yuan pilot project is also gradually increasing.
Use cases have also increased significantly, the latest example coming from the public transport sector. In August, a subway system operator in Ningbo city in the eastern province of Zhejiang began accepting digital yuan payments, while authorities in Guangzhou allowed bus passengers to buy tickets in the state-issued digital currency.
Do you expect China to significantly accelerate the introduction of the digital yuan? Let us know what you think in the comments section below.
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