13 Nov 2019
China wants to balance functionality with concerns about anonymity as it works toward launching a digital version of the yuan, according to an official from the People’s Bank of China.
“The demand from the general public is to keep anonymity by using paper money or coins,” according to Mu Changchun, the director-general of the PBOC’s Institute of Digital Currency. “We are not seeking full control of information on the general public,” rather using “controllable anonymity” for “people who demand anonymity in their transactions. At the same time it will keep the balance” to allow for things like anti-money-laundering actions and combating the financing of terrorism.
China isn’t targeting capital markets or trade-financing centers with its digital currency plans at this time, Mu said, speaking on a panel at the Singapore FinTech Festival on Tuesday. Those things may happen some time in the future, he said, “but it’s far away from us.”
By Joanna Ossinger, Bloomberg, 12 November 2019
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