China Should Accelerate Rollout of Digital Yuan, Says Central Bank Official

While China has already taken the global lead in developing a central bank digital currency (CBDC), an official with People's Bank of China says efforts should be accelerated.
Chen Yulu, deputy governor of the central bank, said in an article over the weekend that the digital yuan project should form an "independent" and "high quality" element of the country's financial infrastructure, the South China Morning Post reports.
In comments published by the central bank's China Finance magazine, Chen added that research and development for the digital yuan should be accelerated while pilots should show that the CBDC is "controllable and ensures the security of payments."
China recently announced a new focus on an economic strategy known as "double circulation" that relies more heavily on internal demand to hedge against international tensions, particularly with the US.
"We have to serve double editions with fintech innovations," said Chen of the digital yuan.
It is already believed that the CBDC project is close to full launch as it has been tested in major cities with banks and retailers.
Last week, Shenzhen City, together with the central bank, launched a kind of lottery where local residents can apply for around 10 million digital yuan to be spent.
According to a report at the time, thousands of retailers are already set up to accept the digital currency.
Other nations are still far behind, many are still in the investigation phase and some others, such as South Korea and Japan, are planning initial tests next year.
Also Read: China Central Bank Official Reveals First Digital Yuan Pilots Results
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China should accelerate the adoption of the digital yuan, a central bank official said
China should accelerate the adoption of the digital yuan, a central bank official said
China should accelerate the adoption of the digital yuan, a central bank official said
China should accelerate the adoption of the digital yuan, a central bank official said

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