Copy link
Increase text size
Decrease text size
Link copied

China’s digital currency project aiming for ‘controllable anonymity’: PBoC official

Wed, 13 Nov 2019, 08:56 am UTC

China’s planned digital currency is not a way in which authorities are trying to gain full control of information belonging to the people, a senior People’s Bank of China (PBoC) was quoted as saying by Reuters.

The digital currency, officially-called Digital Currency Electronic Payment (DCEP), has been in the works for quite some time. Those familiar with the project have drawn similarities between DCEP and Facebook’s Libra. DCEP will be partially powered by blockchain technology and distributed through digital wallets.

Speaking at a conference in Singapore, Mu Changchun, head of the People’s Bank of China’s digital currency research institute, said that the project aims to strike a balance between concerns relating to privacy and the need for information by authorities.

“We know the demand from the general public is to keep anonymity by using paper money and coins ... we will give those people who demand it anonymity in their transactions,” Changchun said.

“But at the same time we will keep the balance between the ‘controllable anonymity’ and anti-money laundering, CTF (counter-terrorist financing), and also tax issues, online gambling and any electronic criminal activities.

“That is a balance we have to keep, and that is our goal. We are not seeking full control of the information of the general public.”

Changchun went on to say that the project aims to create a new system to address the shortcomings of China’s existing financial infrastructure, where digital payments are being dominated by only two players, and to boost financial inclusion.

Earlier this month, the PBoC’s Digital Currency Research Institute entered into a strategic cooperation agreement with tech giant Huawei for fintech research.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,174.29 (-1.44%)
  • Ethereum (ETH) $142.44 (-2.78%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $205.76 (-1.19%)
  • Litecoin (LTC) $43.72 (-2.05%)
  • Bitcoin (BTC) $7,174.29 (-1.44%)
Dec 12, 2019 (Thursday)
Consensys shuts down India, Philippine offices; 11 people axed by the closure
SEC chairman says DLT can foster capital growth; Revealed that agency has been studying digital assets
Crypto Technicals: XRP/USD capped at 20-DMA, on track to test trendline support at 0.1975
Napoleon Bitcoin Fund launches in France to cater institutional investors
Digital assets are here to stay; State Street survey reveals continued institutional interest
Crypto Technicals: ETH/USD dips below 140 mark, eyes trendline support at 132
Enterprise Ethereum Alliance, Chamber of Digital Commerce partner on tokenization efforts
Square Crypto awards grant to pseudonymous Lightning contributor ‘ZmnSCPxj’
Crypto Technicals: Bitcoin hits 2-week lows below $7100, bearish bias with rising volatility to see more weakness
Russian power grid company to use blockchain technology to solve massive energy debt issue
Elliptic launches a risk-assessment tool for banks to identify trustworthy crypto exchanges
Dec 11, 2019 (Wednesday)
Wu Jihan once again takes over the helm at Bitmain as CEO
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
China securities watchdog appoints former head of PBoC Digital Currency Institute: Report
Crypto Technicals: ETH/USD consolidates below 5-DMA, scope for further weakness
Nike secures patent for blockchain-enabled “CryptoKicks”
BitPay rolls out stablecoin payments for merchants and consumers
Ripple improves Xpring platform to boost growth of XRP developer community
Crypto Technicals: BTG/USD extends weakness below 5-DMA, momentum strongly bearish
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.