China’s CBDC Development Nearing Completion, Says Former PBOC Governor
The former Governor of China’s central bank, PBOC, expressed optimism about the country’s central bank digital currency (CBDC) nearing completion. Zhou Xiaochuan, a Chinese economist, stated at a conference in Hong Kong that the “digital yuan” is already on track and in its final stages.
“Ninety percent of retail payments in China are already digitalized. There is only 10 percent left to do.”
Zhou’s remarks come shortly after the central bank released a white paper on cross-border e-CNY solutions. He emphasized the importance of digital currencies and highlighted challenges such as mobility, convertibility, data protection, and privacy issues.
The conference, organized by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS), was attended by over 20 current and former central bank governors. Topics discussed included financial stability, inflation, labor markets, and more.
In related news, the Chinese arm of Standard Chartered Bank has joined China’s digital yuan trials by collaborating with City Bank Clearing Services to provide access to the CBDC’s interconnection platform.
Hot Take: China Continues to Lead in CBDC Development
The former Governor of China’s central bank has expressed confidence in the development of the country’s central bank digital currency (CBDC). With 90% of retail payments already digitized in China, the completion of the “digital yuan” is expected soon. This announcement follows the release of a white paper on cross-border e-CNY solutions.
China’s commitment to digital payment innovation is evident as it continues to make strides in CBDC development. The conference organized by HKMA and BIS further highlights the global interest in digital currencies and their impact on financial stability, inflation, and labor markets.
As China’s CBDC nears completion, it is clear that the country is positioning itself as a leader in the digital currency space.
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