The main financial regulator of China, the Central Bank, will continue to implement its program to create a national payment system based on the digital yuan. This was announced during an online conference with the vice-manager of the central bank, Ifei Fan, at which the participants discussed the main priorities for work this year in the conditions of a difficult global economic situation.
It is worth noting that back in 2019, the central bank noted that it would accelerate the process of creating a national digital asset after a close study of trends in the crypto industry based on local and foreign experience and introducing more stringent control over online financing. In addition, the regulator intends to change the existing system so that the opportunity for the most optimal management of money circulation and, in particular, the fight against counterfeit means of calculation and testing measures that will allow you to control the flow of large volumes of cash.
We add that the discussion of the above issues was attended by representatives of state commercial banks.
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