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Don961 » July 18th, 2021

China Explores Cross-Border Payments in Digital Yuan

297 Economie 2021/07/16 20:06    Baghdad today – Baghdad

China’s central bank has said it will explore cross-border payments in digital yuan and is willing to discuss setting global standards for mandatory digital currencies for the joint development of the global monetary system.

In a white paper marking the first comprehensive disclosure of its plans, the People’s Bank of China said it will strengthen data security and protect personal information as it presses ahead with a domestic test of the digital yuan.

China is at the fore in a global race to launch digital currencies by central banks and is testing the digital yuan in major cities including Shenzhen, Beijing and Shanghai, but has not set a timetable for its official implementation.

Many analysts believe that the digital yuan will strengthen the global currency’s position as China eventually seeks to break the dominance of the dollar settlement system.

Playing down its global ambition, the People’s Bank of China said in the white paper that “currency globalization is a natural consequence of market choice.”

“Although the digital yuan is technically ready for cross-border use, it is still primarily designed for domestic retail payments at present,” he noted.

The People’s Bank of China said it would explore cross-border payment programs in coordination with other central banks, with the precondition of mutual respect for monetary sovereignty and compliance. He added that he “would like to actively participate in the global exchange of views on the fiat digital currency and discuss the setting of standards with a view to jointly achieving progress in the development of the global monetary system.”

The digital yuan digitizes part of China’s banknotes and coins, and adopts a two-tiered distribution system, under which the People’s Bank of China issues digital currency to banks, which funnel money to individuals and businesses.

In an apparent attempt to reduce concerns about government surveillance, the People’s Bank today pledged to protect personal information and privacy, while combating the misuse of the digital yuan in online gambling, money laundering and tax evasion.

The bank stated that the digital yuan system collects less information for transactions compared to traditional payments, and does not provide information to third parties or other government agencies unless otherwise stipulated in laws and regulations.

He stressed that he will create an electronic firewall for information related to the digital yuan, and strictly implement privacy protocols.   LINK

Source: Dinar Recaps


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