Central Bank of China Calls for Increasing Use of Digital Yuan

Central Bank of China Calls for Increasing Use of Digital Yuan

The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers. China’s Central Bank Insists on Expanding Digital Yuan Environment

The monetary policy regulator of China has called for improving the integration between the digital yuan (e-CNY) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) says this will increase convenience for users of its central bank digital currency (CBDC).

To achieve that, additional efforts should be made to expand the scenarios and environment for the use of the digital yuan, PBOC Deputy Governor Fan Yifei emphasized in a statement during a recent forum on digital finance held in Beijing.

Quoted by the government-run China.org.cn news portal, Fan elaborated that regulations and standards in areas such as digital identities, Bluetooth, and QR codes should be unified to facilitate the interconnectivity of the various types of payment systems.

The deputy governor also highlighted the importance of improving the security of the digital yuan platform by upgrading the relevant technologies to prevent leaking of sensitive user information and eliminate data security risks.

Authorities in China have been promoting the digital yuan through a series of red envelope campaigns, giving away millions of dollars of e-CNY to stimulate its use. They have been also gradually increasing the number of regions covered by the digital yuan pilot project.

Use cases have also grown significantly, with the latest example coming from the public transportation sector. In August, the operator of the subway system in the city of Ningbo, in the eastern province of Zhejiang, started accepting digital yuan payments while authorities in Guangzhou allowed bus passengers to buy tickets with the state-issued digital currency. Tags in this story CBDC, Central Bank, China, chinese, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, Digital Yuan, e-CNY, integration, interconnectivity, payment systems, payment tools, Payments, PBOC, pilot, pilot project, Yuan

Do you expect China to significantly accelerate the introduction of the digital yuan? Let us know what you think in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Blockchain Gaming Publisher and Web3 Firm Animoca Brands Secures $110 Million FINANCE | 2 days ago ETC Group Says It Will List an Exchange-Traded Product Based on Anticipated ETH Hard Fork FINANCE | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBuenos Aires Might Implement Blockchain Systems to Make Social Aid Payments Next articleBitpapa Enters Kenyan Cryptocurrency Market Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%