China’s central bank governor: Digital yuan will prioritize privacy protection

China’s central bank governor: Digital yuan will prioritize privacy protection

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Answer China’s central bank governor: Digital yuan will prioritize privacy protection

China’s central bank governor PBOC says digital yuan will prioritize privacy protection

Yi Gang, Governor of the People’s Bank of China (PBoC), confirmed that discussions about the central bank’s digital currency (CBDC), dubbed the e-CNY, are focusing more on the privacy aspects of its users’ operations.

Speaking at Hong Kong Fintech Week, Ye said privacy protection tops the list.

A representative of the People’s Bank of China (PBoC), which has emerged as one of the central banks with a vested interest in digital central bank currencies, said e-CNY is mostly focused on domestic retail transactions as a major complement to cash in the digital world.

He added that the digital yuan came as an attempt to protect consumer privacy, as a two-tier system was used.

Read:Why are individual investors hesitant about the crypto market despite the apparent institutional support?

Yi Gang also acknowledged that the People’s Bank of China (PBoC) facilitates inter-institutional transfers with banks under its Tier 1 jurisdiction.

At this point, no information about the customer is collected.

At level 2, banks distribute the electronic yuan directly to consumers but only obtain information that will enable them to comply with the law.

The same spokesperson also noted that no entity will be able to investigate a transaction without any strict legal authorization, giving most users the security they need to embrace e-CNY.

Where the statement of the Governor of the Central Bank of China was as follows:

The People’s Bank of China (PBOC) ensures the security of personal information through advanced technology and strict management, in full compliance with consumer privacy protection laws and regulations.
Transaction-related data is encrypted for storage, and sensitive consumer information is not assigned to non-transacting parties.
Entities and individuals are prohibited from arbitrary investigation or use of information without strict legal authorization.

China comes as the most advanced economy in the world with cryptocurrency-based digital currencies (CBDC) being traded.

Read:The Spanish regulatory body warns against the cryptocurrency exchanges “Huobi” and “Bybit” for these reasons!

While the digital legal tender has yet to be officially launched for everyone in the country to use, retail beta testing has been robust, with presence in major cities, including Suzhou and Shenzhen among others.

Yi Gang said the People’s Bank of China (PBoC) has active cooperation with the Hong Kong Monetary Authority (HKMA) regarding the interrelationship between central banks, and said the bank is interested in establishing other such relationships with other central banks around the world. .

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