Planning for digital yuan going well
Print Edition
China鈥檚 digital yuan pilots and tests are making steady progress, according to a researcher under the People鈥檚 Bank of China, the country鈥檚 central bank.
During a summit at the China Development Forum 2021, Mu Changchun, head of the central bank鈥檚 digital currency research institute, dismissed concerns of user privacy infringement, saying the digital currency has the highest level of privacy protection among existing payment tools.
China鈥檚 digital yuan, although still in its pilot phase, will include more people in the rapidly developing digital era, making daily life easier and digital payments more secure.
The digital currency will be issued by the central bank and legally backed by the government as an alternative to paper money.
China will steadily advance the research and development of digital currencies and actively participate in the formulation of international rules and technical standards on data security, digital currencies and data tax, according to the outline of the country鈥檚 14th Five-Year Plan (2021-2025) for national economic and social development and the long-range objectives through to 2035.
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