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Chinese central bank governor: digital yuan will offer controllable anonymity

 


China's central bank governor Yi Gang recently spoke at Hong Kong Fintech Week on the progress of the digital yuan, the country's digital currency. He explained the progress and the introduction of the digital central bank currency.


In his speech, Yi explained that the digital yuan is used in China as an alternative to cash. China is a country with a solid digital payment infrastructure. He added, "Privacy protection is high on our agenda".


According to him, the two-tier payment system would offer users controllable anonymity. In the first tier, the central bank makes digital yuan available to eligible market participants and only processes information on transactions between institutional traders. In the second tier, the licensed operators collect only the personal data they need for their public exchange and circulation services.


Yi promised the data would be encrypted and stored, and personal, sensitive information would be anonymized and not shared with third parties. Users can also make anonymous transactions up to a certain amount and there will be special electronic wallets to facilitate these transactions. The central bank governor said anonymity is a double-edged sword. Therefore, it must be managed carefully, especially in the financial world. He further said:


"We recognize that anonymity and transparency are not black or white and that there are many nuances that need to be carefully considered. In particular, we need to strike a precise balance between protecting individuals' privacy and combating illegal activity. "

Yi's comments align with the views of central bank digital currency (CBDC) program head Mu Changchun. In July, he took a similar stance, stating that CBDCs don't need to be as anonymous as cash . Mu said at the time a completely anonymous CBDC would hamper the prevention of crimes such as money laundering, terrorist financing, tax evasion and others.

China launched its CBDC program back in 2014 and, after years of development work , launched a pilot in 2019 . Since then, millions of private consumers across the country have been able to use CBDC. In 2022, CBDC testing was expanded to some very populous provinces. The total volume of digital yuan transactions by the third quarter of 2022 is expected to exceed $14 billion .

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