China's central bank digital currency to focus on retail payments first

Wednesday 27 November 2019 12:02 CET | News

Former head of the People’s Bank of China has said that the main aim of China’s central bank digital currency (CBDC) is to facilitate retail payments.

Besides its use for the retail system in the country, the other CBDC’s goal is to enable cross-border payments for international financial institutions. These two goals will require different technical designs for the digital yuan, and China might expand its capabilities once it implements the digital payment function in retail.

However, China is a difficult environment to test out the new digital currency, according to the bank representative, and a country with a smaller population could be better since the cycle for currency circulation is shorter.
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Keywords: People’s Bank of China, central bank digital currency, retail payments, digital currency, bank, payments , China
Categories: DeFi & Crypto & Web3
Countries: China
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DeFi & Crypto & Web3