Central Bank of China Calls for Increasing Use of Digital Yuan – The Chinese regulator of monetary policy has advocated for improved integration between the traditional electronic payment methods and the digital yuan (e-CNY) system. According to the People’s Bank of China (PBOC), this will make using its digital currency (CBDC) more convenient.
During a recent forum on digital finance held in Beijing, PBOC Deputy Governor Fan Yifei stressed the need for additional measures to extend the scenarios and environment for the usage of the digital yuan.
According to Fan, who was cited by the government run China.org.cn news portal, regulations and standards in areas like digital identities, Bluetooth, and QR codes should be standardized to make it easier for different kinds of payment systems to connect with one another.
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In order to prevent the leak of sensitive user data and minimize data security threats, the deputy governor further emphasized the significance of enhancing the security of the digital yuan platform by updating the relevant technologies.
Through a series of red envelope campaigns, Chinese authorities have been promoting the digital yuan and encouraging its adoption by giving away millions of dollars’ worth of e-CNY. Additionally, they have been steadily expanding the geographic scope of the digital yuan pilot project.
The public transportation industry has provided the most recent example of how use cases have expanded dramatically. In the eastern province of Zhejiang, the city of Ningbo, the operator of the subway system, began taking digital yuan payments in August, and Guangzhou authorities permitted bus passengers to purchase tickets using the state-issued digital currency.
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