Pboc Will Promote The Pilot Plan Of Digital Yuan

On Friday (July 16), the Chinese People's Bank (PBOC) said, will steadily promote pilot plans to develop digital yuan and will not set a timetable for The launch of this digital currency. China is the leading country in the global race to launch the central bank's digital currency (CBDC) and have organized testing in some big cities Including Shenzhen and Shanghai. Chinese People's Bank (PBOC) said China will mainly use digital yuan to pay domestic retail, and explore the plans Point of using digital currencies for cross-border payment. In April 2021, former PBOC Zhou Xiaochuan governor said, China should not rush to use digital yuan for payments Crossing the border due to the obstacles about foreign regulations and concerns about the global impact.Pboc said, will study deeper on the impact of digital yuan quiz i with monetary policy, financial system and financial stability

. Besides, PBOC said the pilot plan on cross-border payments will be based on respecting China's currency sovereignty and the Foreign countries and complying with the laws of related countries.Pboc also warns that electronic money is mainly used to speculate, threaten financial security and these currencies can be used To laundering money and other illegal economic activities. Others, the purpose of digital yuan released by PBOC to replace cash should have no major impact on currency supply as well as There will be no effects on the monetary policy of the Government and the Central Bank of China
Before July 9, the International Monetary Fund (IMF) and the World Bank (WB) has supported benefits Use the border of the digital currency issued by the central bank and judge that the coordination of digital currency will change the status quo and do not need to Into the expensive and slow money transfer services to transfer money around the world. Porch / follow foreign press

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