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

bit2Big > Bitcoin News > PBoC Governor Says ‘Successful’ Digital Yuan Trials Have Transacted $299M

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.

The COVID-19 crisis has also accelerated the need for contactless banking, creating challenges for central banks looking to balance consumer needs and safety, he added.

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.

Bit2Big

Bit2big offers global digital finance solutions based on blockchain, cryptocurrency investments and blockchain services.

With a presence in Switzerland, Nigeria, Rwanda and Uganda we are driving the adoption of blockchain technologies in the east and west Africa.

Transformative, empowering, progressive and integral. At Bit2big we believe in ownership, financial stability and having control over your future.

News

Crypto Custodian Copper Aims to Bridge Gap Between DeFi and Traditional Finance With New Tool
November 29, 2020By
DRC: Tshisekedi and Kabila fall out
November 29, 2020By
Luke Gromen: the History and Future of the Global Dollar System
November 29, 2020By

Recent Cases

Related Posts

Leave a Reply