The governor of the People’s Bank of China, Yi Gang has praised recent tests of its national digital currency at the Hong Kong Fintech Week conference.
The pilot program, which has spanned multiple Chinese cities in 2020, has proven successful. Over 4 million transactions have been conducted using the digital yuan, totalling more than 2 billion yuan (USD 299 million), as reported by Bloomberg.
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.
Still, 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.
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