People’s Bank of China: Need to Accelerate the Launch of the Digital Yuan

Chen Yulu, deputy head of the People’s Bank of China, believes that the work on the introduction of the national cryptocurrency should be accelerated.

So, among the main activities, he called the growth of test activities that will allow tracking the security of transactions carried out using the new instrument, but also the possibility of control by the authorities. “We must build an independent and high-quality financial infrastructure and accelerate the pace of digital currency research and development, and ensure that pilot tests show that the digital yuan is controllable and secure in payments,” Chen Yulu said in an article published in the magazine China Finance.

It should be noted that the official’s comments came after the economic strategy presented to the domestic market – “double circulation”. The initiative will allow China not only to introduce a new payment instrument, but also to protect itself from growing geopolitical tensions by demanding it.