SINGAPORE (Reuters) – China’s proposed digitized national currencies, it is not an attempt to take full control of the information belonging to the general
FILE PHOTO: A chinese yuan bill with the late Chinese chairman Mao Zedong, and the keyboard of the computer will be reflected on the image of the Chinese flag, in this example, the 1 November, 2019 at the latest. REUTERS/Florence Lo/Illustration
to the public, a senior central bank official said on Tuesday, adding that the goal was to balance the personal life as well as the
the authorities’ need for information.
China is preparing to be the first country in the roll-out of a digitized national currencies, a process which is closely
who in the world of the financial services industry, even though some of the details that are currently available.
Akin to Facebook’s ‘ suggested Scale, digital currencies and other cryptocurrencies, such as bitcoin, the officially-named Digital Currency payments will be driven by a portion of blockchain technology and distributed via the digital wallet.
What is it that makes it a little away from each other, however, is that the digital currency’s design seemingly provides Beijing with an unprecedented
the control over the flow of money, which the Chinese authorities have a certain degree of control over their economies, most central banks do not have.
“We know the demand of the public, and to maintain anonymity, the use of paper currency and coin … we will have it
people who take the question of anonymity in their transactions, and” Mu, Changchun, head of the People’s Bank of China is a digital currency research institute, told a conference in Singapore.
“But at the same time, we must keep the balance between the controllable anonymity, and anti-money laundering, CTF (counter terrorism financing), and tax-related matters, online gaming, and to electronic criminal activity,” he added.
“It’s a balance that we need to continue to be, and that is our objective. We are not looking to have full control over the information to the public.”
It is not known if the new digital currency will be introduced.
Mu told a public forum in August that it was “almost ready”. However, in September, China’s central bank chief Yi
The gang said there’s no timetable for the roll-out, and that it is necessary in order to comply with the requirements of, and re-referred to
the anti-money laundering.
Mu said on Tuesday that the aim of the project was to create a new system in the event of problems with china’s existing
the financial infrastructure in which electronic payments are currently dominated by only two players, and consolidating the financial
shot in the rural areas.
Report by Alun John; Editing by Kim Coghill