New developments surrounding the digital yuan

Friday 12 November 2021 10:33 CET | News

People's Bank of China governor Gang Yi has discussed recent developments regarding the country's central bank digital currency (CBDC), known as the digital yuan (e-CNY).

Gang specifically addressed the issue of privacy surrounding the digital yuan, saying they are taking a high degree of focus on issues surrounding the security of personal information and the digital yuan and have made relevant regulatory and technological adjustments to meet this objective. They have adopted a principle of anonymity for small transactions regarding the digital yuan and will only step in to regulate under the law for large transactions.

In recent months, the number of people with e-CNY accounts has increased to over 140 million. At the same time, its transaction volume surpassed USD 9.7 billion in October 2021. 

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Keywords: digital currency, CBDC, regulation, transactions
Categories: DeFi & Crypto & Web3
Countries: China
This article is part of category

DeFi & Crypto & Web3