China’s CBDC Development is “Already On Track” and Nearing Completion: Ex-PBOC Governor

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By BitcoinWiki News

Key Takeaways:

  • Zhou Xiaochuan, ex-governor of China’s central bank PBOC, optimistic about completion of digital yuan
  • Stated that “digital yuan” is nearing completion and 90% of retail payments in China are already digitalized
  • China released white paper on cross-border e-CNY solution
  • Zhou highlighted challenges and emphasized the importance of digital currencies
  • Conference organized by HKMA and BIS, with governors from global financial institutions in attendance
  • Standard Chartered Bank’s Chinese arm joins China’s digital yuan trials

Former Governor of China’s central bank, PBOC, is optimistic about the country’s central bank digital currency (CBDC), stating that the ‘digital yuan’ is nearing completion. Zhou Xiaochuan, the 75-year Chinese economist, mentioned that 90% of retail payments in China are already digitalized and only 10% remains. The ex-governor’s remarks come after the central bank released a white paper on cross-border e-CNY solution. Zhou highlighted challenges such as mobility and convertibility of digital currencies and data protection and privacy issues. The conference was attended by over 20 central bank governors, including the current Governor of PBOC, and discussed topics such as financial stability, inflation, and labor markets. Additionally, the Chinese arm of the Standard Chartered Bank joined China’s digital yuan trials.

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