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Edited by qqqpeter at 2019-11-13 15:28

Reuters reported that senior officials at the Central Bank said on this Tuesday (12th Oct) that China's proposed renminbi (China's yuan) digitization is not intended to fully control public information, adding that the purpose of doing so is to balance privacy issues with the authorities.

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Although there are no relevant details, China is preparing to become the first country to introduce digital local currency. This development has been closely watched by the world financial services industry.

Similar to Facebook’s proposed Libra digital currency and other cryptocurrencies (such as Bitcoin), the officially named digital currency electronic payment will be partially blockchain technology is distributed through digital wallets.

What is different, however, is that digital currency design seems to provide Beijing with unprecedented monitoring of capital flows, allowing Chinese authorities to control their economies to a certain degree, while most central banks do not.

Mu Changchun, director of the Digital Money Institute of the People's Bank of China at a meeting in Singapore said,

We know that the public's needs are to remain anonymous by using paper money and coins... We will ask anonymous people in the transaction. But at the same time, we will conduct anti-money laundering, counter-terrorism financing (CTF), tax issues, online gambling and any electronic criminal activity. This is the balance we have to maintain. This is our goal. We do not seek full control over public information.

Mu said in a public forum in August that it was “almost ready”. However, in September, China’s central bank governor, Yi Gang said that there is no start-up timetable and there is still a need to meet the requirements and refer again to the anti-money laundering process.

Mu said on Tuesday that the project's goal is to create a new system for the problems of China's existing financial infrastructure, which currently dominates electronic payments with only two participants and promotes financial inclusion in rural areas.
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