China’s Central Bank Calls for Increased Use of Digital Yuan – Bitcoin News Funding

The People’s Bank of China has urged a widening of the range of use cases for the central bank’s digital currency. The monetary authority believes that deeper integration with traditional electronic payment platforms will make the digital yuan more convenient for consumers.

China’s central bank insists on expanding the digital yuan environment

China’s monetary policy regulator has called for better integration between the digital yuan (e-CNY) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) says this will increase convenience for central bank digital currency (CBDC) users.

To achieve this, additional efforts should be made to expand the scenarios and environment for the use of the digital yuan, PBOC Deputy Governor Fan Yifei stressed in a statement during a recent digital finance forum held in Beijing.

According to the government news portal, Fan clarified that regulations and standards in areas such as digital IDs, Bluetooth and QR codes should be unified to facilitate the interconnection of different types of payment systems.

The deputy governor also emphasized the importance of improving the security of the digital yuan platform by upgrading related technologies to prevent the leakage of sensitive user information and eliminate data security risks.

Authorities in China are promoting the digital yuan through a series of red envelope campaigns, giving away millions of e-CNY dollars to boost its use. They are also gradually increasing the number of regions covered by the digital yuan pilot program.

Use cases have also grown significantly, with the latest example coming from the public transport sector. In August, the operator of the subway system in the city of Ningbo, in the eastern province of Zhejiang, began accepting digital yuan payments, while authorities in Guangzhou allowed bus passengers to buy tickets with the state digital currency.

Tags in this story

CBDC, Central Bank, China, Chinese, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, Digital Yuan, e-CNY, integration, interconnection, payment systems, payment tools, Payments, PBOC, pilot, pilot project, Yuan

Do you expect China to significantly accelerate the introduction of the digital yuan? Let us know what you think in the comments section below.

Lubomir Tashev

Lubomir Tassev is a journalist of Eastern European expertise who likes Hitchens’ line: “To be a writer is what I am, rather than what I do.” Apart from crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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