The governor of the People’s Bank of China praised recent tests of its national digital currency at the Hong Kong Fintech Week conference on Monday.

Over 4 million transactions totaling more than 2 billion yuan ($299 million) have been conducted using the digital yuan, Yi said.

Financial services in remote areas have been bolstered by new technologies, the governor explained, including microloans and risk management, which plays into how the China is looking to spread the digital currency.

Speaking on a virtual panel with the General Manager at the Bank for International Settlements Agustin Carstens and the President of the Dutch central bank Klass Knot, Yi noted safeguarding consumers’ private information is challenging.

Per a Reuters report Monday, Yi played down the prospect of an imminent launch, saying the digital yuan project is still in the early stages.

China must still develop a “fairly complicated and fairly complete legal framework,” he said, particularly around transparency.

Google Play

Source link


PBoC Governor Says 'Successful' Digital Yuan Trials Have Transacted $299M

by Mario Herndon
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format