The latest development in China’s Central Bank Digital Currency, post the controversial CBDC scam, saw the People’s Bank of China reinstate its determination towards expanding and advancing the development of Digital Yuan. According to Reuter’s exclusive coverage of the Bank of Finland event, where the PBOC governor, Yi Gang spoke remotely about the Chinese authorities plan to improve the design and usage of Digital Yuan.
“Going forward, we will continue to prudently advance R&D of eCNY, improve its design and use.”, said Yi.
After the CBDC scam, Chinese authorities have guaranteed to improve the privacy protection and anti-counterfeiting features of Digital Yuan along with increasing its interoperability with existing payments tools. Furthermore, according to Yi Gang’s speech, China also plans to begin testing its CBDC’s impact on the nation’s monetary policy and financial markets.
Additionally, the governor noted that Digital Yuan will now also be focused on domes
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