Mu Changchun, an executive at China’s central bank, said the country respects the privacy of former digital users and protects their personal information, Reuters. report July 25th.
According to Changchun, Digital Source has limited anonymity capabilities that allow for rational anonymous transactions.
By using digital sources, he said, “prevent and counter illegal activities such as money laundering, terrorist financing, and tax evasion.”
The bank manager also reiterated that e-RMB users can buy anything using currency. Changchun said:
Banknotes and coins can be converted into foreign currency by purchasing gold, so so is e-CNY.
Meanwhile, China believed it Develop a digital source to be able to monitor the financial activity of citizens. This fear has led three US senators to propose a bill banning the use of digital sources by US app stores.
Cryptography enthusiasts in general distrust The Central Bank Digital Currency (CBDC) project is to enable governments to carry out financial oversight.
China looks to more hires
Chinese banks are doubling their efforts to increase the adoption and use of digital yuan by creating products tailored to the currency Global Times. report..
At the 5th Digital China Summit in Fuzhou, several representatives of local banks in China unveiled several electronic currency products and services at the event.
According to the staff of China Construction Bank (CCB), knowledge about digital yuan has increased compared to the previous year.
CCB launched a digital source mobile application and presented a physical wallet of digital currencies at the event. When the card is finally available, the user can pay with the card.
Other banks with branches in Fujian, including the Agricultural Bank of China (ABC), have also launched initiatives to promote the use of digital yuan. ABC employees said banks have worked with local supermarkets to increase digital yuan usage.
High-tech companies form a former digital alliance
A group of technology companies and banks, including Huawei Technologies Co, Newland Digital Tech, and several state-owned banks. Formed the Digital RMB Industry Alliance on July 24th.
The first president of the alliance is Wangjin of Newland Digital Tech.
Its goal is to accelerate the development of digital sources, share knowledge and technology, and develop innovative solutions.
