China’s central bank calls for increased use of digital yuan – Finance Bitcoin News

The People’s Bank of China has called for an expansion of the range of usage scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional electronic payment platforms will make the digital yuan more convenient for consumers.

China’s central bank insists on expanding digital yuan environment

China’s monetary policy regulator has called for improved integration between the digital yuan system (e-CNY) and traditional electronic payment tools. The Bank of China (PBOC) says this will increase convenience for users of its central bank digital currency (CBDC).

To achieve this, further efforts must be made to expand the scenarios and environment for using the digital yuan, Fan Yifei, deputy governor of the PBOC, stressed in a statement at a recent digital finance forum in Beijing.

Quoted by government news portal China.org.cn, Fan Yifei said regulations and standards in areas such as digital identities, Bluetooth and QR codes should be unified to facilitate the interconnection of different types of payment systems.

The deputy governor also stressed the importance of improving the security of the digital yuan platform by upgrading relevant technologies to prevent the leakage of users’ sensitive information and eliminate data security risks.

Chinese authorities have been promoting the digital yuan through a series of campaigns red envelopesby distributing millions of dollars in e-CNY to stimulate its use. They also gradually increased the number of regions covered by the digital yuan pilot project.

Use cases have also grown significantly, with the latest example coming from the public transportation sector. In August, the subway operator in the city of Ningbo, in the eastern province of Zhejiang, began accepting payments in digital yuan, while authorities in Guangzhou allowed bus passengers to purchase tickets with the state-issued digital currency.