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China willfully respects privacy, information protection in using digital yuan

Digital Yuan

China in the case of using the digital yuan is fully respecting privacy and protecting personal information. China’s central bank’s head of digital currency unit said that China would ensure to protect data related to the use of yuan as the country moves forward with the tests of currency also referred to as e-CNY. The information was obtained from a senior central bank official who opened up in front of state media. Mu Changchun Director-general of the central bank’s Digital Currency Research Institute said while noting it ensures reasonable anonymous transactions. Limited anonymity is a key feature of the digital yuan. “On the other hand, it also prevents and combats illegal activities including money laundering, terrorist financing and tax evasion, maintaining the need for financial security,” the Securities Times quoted Mu as saying at a forum.

Banks of China

According to Reuters, “The People’s Bank of China is a front-runner in developing and issuing a central bank digital currency (CBDC), which in the case of the e-CNY will be a traceable replacement for notes and coins.

Other central banks are looking at developing CBDCs to modernise their financial systems, ward off competition from cryptocurrencies such as bitcoin and speed up domestic and international payments.”

China’s Efforts

According to The Hindu, “China’s efforts are among the most advanced globally, and the country has been running various trials and pilot schemes of different payment scenarios in recent years.

Mu also said the e-CNY, which is the digital version of fiat currency issued by the PBOC, can be used to purchase anything that can be bought with banknotes and coins.”

MU said, “Banknotes and coins can buy gold and convert foreign currency, so does the e-CNY,”.

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