People’s Bank of China calls for increasing use of its digitalyuan currency.
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.The monetary policy regulator of China has called for improving the integration between the digital yuan system and traditional tools for electronic payments.
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.
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