The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. Digital yuan will be more accessible to consumers if it is connected with traditional electronic payment platforms.
China’s Central Bank Insists on Expanding Digital Yuan Environment
China’s monetary regulator has called for a better integration of the digital currency (e-CNY), and other traditional electronic payment methods. The People’s Bank of China (PBOC) says this will increase convenience for users of its central bank digital currency (CBDC).
In order to achieve this, further efforts must be made in expanding the environment and scenarios for the use the digital yuan. Fan Yifei (PBOC Deputy governor) stressed that during a recent forum about digital finance in Beijing, Fan Yifei stated.
Fan stated, as quoted in China.org.cn, that standards and regulations in areas such digital identities and Bluetooth should be unified to make it easier for different payment methods to interconnect.
He also stressed the need to improve the security of digital yuan platforms by updating relevant technology in order to avoid leakage of user data and reduce security risk.
China has been encouraging the use of digital yuan by launching a number of red envelope campaign to promote it. They are also increasing the coverage of the digital yuan pilot program.
The number of use cases has also increased significantly. While authorities in Guangzhou permitted bus passengers to pay with digital currency, Ningbo was the first city in Zhejiang that started accepting digital money payments.
What do you think about China’s plans to accelerate the launch of the digital Yuan? We’d love to hear your opinions in the comment section.
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