Central Bank of China: The digital yuan is more confidential, than payment apps

The head of the People's Bank of China Gang Yi said, that the privacy of the digital yuan has received great attention:

ЦБ Китая: Цифровой юань более конфиденциальный, чем платежные приложения

`` We pay significant attention to issues related to the security of personal information, therefore, to achieve this goal, we made the appropriate regulatory and technological changes. In particular, the principle of anonymity was approved for small transactions in digital yuan. The regulator will only intervene to regulate large transactions. With regard to the collection of personal data, then we collect the minimum required by law and this is much less, than in modern electronic payment applications"

Gan Yi talks about the storage and use of personal information of users of the digital yuan:

`` We intend to strictly control the storage and use of personal information of users of the digital yuan. Unless required by law, The People's Bank of China will not share such information with any third party or government agency.. Recently, a number of laws have been passed in China, aimed at ensuring the safety and protection of personal data"

In recent months, the number of digital RMB account holders has grown to 140 million, and the volume of transactions in October exceeded 62 billion yuan ($9,7 billion). The head of the Central Bank of China said, what, although the use of the digital yuan is still limited to consumer spending in the country's retail sector, there are plans for international expansion:

The People's Bank of China wants to partner with central banks, international agencies and cryptocurrency organizations around the world. We have already launched the mCBDC bridge with the Bank for International Settlements, Bank of Thailand, United Arab Emirates Central Bank and Hong Kong Monetary Authority. We also started a discussion with the ECB on technical details regarding the CBDC architecture."

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