The People’s Bank of China urged for a wider range of use-case scenarios to be allowed for its digital currency central bank. According to the monetary authority, a deeper interconnection with traditional electronic payment platforms will make digital yuan easier for consumers.
China’s monetary policy regulator has called for better integration of the digital yuan system (e-CNY), and other traditional electronic payment tools. This will improve the convenience of users of its central bank’s digital currency (CBDC), according to the People’s Bank of China.
China’s Central Bank prioritises its digital yuan CBDC
Additional efforts are needed to create a favorable environment for digital yuan use, Fan Yifei, PBOC Deputy Governor, stressed in a statement at a recent forum in Beijing on digital finance.
Fan, quoted by China.org.cn’s news portal, stated that the regulations and standards in areas like digital identities, Bluetooth codes, and QR codes need to be unified to allow for interconnectivity between different types of payment systems.
The deputy governor stressed the importance of increasing the security of the digital currency platform through upgrading relevant technologies to prevent leakage of sensitive user data and reduce security risks.
The Chinese authorities have promoted the digital yuan with a series red envelope campaign, giving out millions in e-CNY to encourage its use. They are also slowly expanding the coverage of the digital yuan pilot program.
The number of use cases has also increased significantly with the most recent example originating from the public transport sector. The operator of the Ningbo subway system, located in eastern Zhejiang province, began accepting digital yuan payments in August. Meanwhile, Guangzhou authorities allowed passengers to purchase tickets using the state-issued digital currency.