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China Insists On Broader Digital Yuan Use: Xinhua

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Chinese news agency Xinhua reported on Friday that People’s Bank of China (PBOC) has called for efforts to facilitate interconnectivity between the digital yuan currency system and traditional e-payment tools with the aim of making use of the digital currency more convenient.

To realize that goal, more efforts should be applied to expand the scenarios and environment in which the digital yuan can be used, deputy governor of the PBOC Fan Yifei was cited as saying at a recent forum on digital finance in Beijing, according to Russian News outlet RT.

Fan insisted that regulations and standards in areas such as digital identities, Bluetooth, and QR codes should be unified. This will help improve the interconnectivity of various types of payment tools. Fan also emphasized the need to improve the security of digital yuan use. He suggested upgrading relevant technologies to avoid user-information leaks and eliminate data security risks.

A project created to replace cash in circulation e-yuan has been fully backed by the Chinese government. China is planning to become the first major economic player to test a digital currency at national level. The Chinese state machinery has already carried out multiple e-yuan giveaways as part of its digital currency tests. China plans to expand the pilot program in the future.

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