Share this article
PBoC Governor Says 'Successful' Digital Yuan Trials Have Transacted $299M
The governor of the People's Bank of China praised recent tests of the digital yuan at the Hong Kong Fintech Week conference on Monday.
Updated Sep 14, 2021, 10:26 a.m. Published Nov 2, 2020, 8:23 a.m.
Make us preferred on Google
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.
STORY CONTINUES BELOW
As reported by Bloomberg, Yi Gang said the pilot program, which has spanned multiple Chinese cities this year, has proven successful.
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.
See also: China Should Take Part in Creating Global Regulatory Framework for Digital Currency, Xi Says
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.
More For You
More For You
CFTC's Selig opens legal dispute against states getting in way of prediction markets
Commodity Futures Trading Commission Chairman Mike Selig fired a legal warning shot defending his agency's jurisdiction over the event contract space.
What to know:
- U.S. Commodity Futures Trading Commission Chairman Mike Selig directed his agency to file an amicus brief declaring his federal agency has authority over the U.S. prediction markets.
- Though the CFTC once fought a legal resistance against such firms as Polymarket and Kalshi, the agency has embraced them during the administration of President Donald Trump, whose son has worked as a paid adviser for the leading companies.
- As Selig defends his agency's jurisdiction in court, he's also pursuing new prediction markets rules for the U.S.
Top Stories
