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China will advance development of digital yuan, central bank gov says -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO China’s official digital currency app is shown on a smartphone placed next to an illustration of the Chinese flag. This picture was taken Oct 16, 2020. REUTERS/Florence Lo

BEIJING (Reuters), -China will not stop developing its digital currency for central banks and will improve its design, Yi Gang of the People’s Bank of China said Tuesday.

China leads the race for central bank digital currency (CBDC). It is currently testing an eCNY or digital yuan in cities such as Shenzhen and Beijing, but it has yet to set an official timetable.

“Going forward, we will continue to prudently advance R&D of eCNY, improve its design and use,” Yi said via video at a Bank of Finland event.

Yi announced that China will enhance eCNY’s privacy protections and anti-counterfeiting features and improve its interoperability to existing payment tools.

China will assess the impact of eCNY on its monetary policy, and financial market performance, he said.

Yi said that eCNY aims meet domestic retail payments’ needs because cross-border digital transactions can present more difficult issues such as antimoney laundering.

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