{"id":39149,"date":"2022-11-01T07:21:01","date_gmt":"2022-11-01T11:21:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=39149"},"modified":"2022-11-01T07:21:05","modified_gmt":"2022-11-01T11:21:05","slug":"digital-yuan-will-offer-controllable-anonymity-chinese-central-bank","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/digital-yuan-will-offer-controllable-anonymity-chinese-central-bank\/","title":{"rendered":"Digital yuan will offer \u2018controllable anonymity\u2019 – Chinese central bank"},"content":{"rendered":"\n
At the Hong Kong Fintech Week, Yi Gang, the Chinese central bank<\/a> governor, discussed the country's national digital currency, the digital yuan which will provide controllable anonymity to consumers.<\/h5>\n\n\n\n
\"Digital
Digital yuan will offer \u2018controllable anonymity\u2019 – Chinese central bank<\/figcaption><\/figure>\n\n\n\n

Yi pointed out during his address that the digital yuan is being promoted in China, a nation with a strong digital payment infrastructure, as a currency substitute. “Privacy protection is one of the tops of the issue on our agenda,” he continued.<\/p>\n\n\n\n

He continued by outlining the two-layer payment structure that would give consumers manageable anonymity. At tier one, the central bank exclusively manages inter-institutional transaction data\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and provides digital yuan to authorized operators.<\/p>\n\n\n\n

The permitted operators exclusively gather the personal data required for their exchange and circulation services to the general public at tier two.<\/p>\n\n\n\n

Yi pledged that data would be encrypted, and stored and that personally identifiable information would be de-identified and kept private. There will be specific e-wallets to make those transactions possible, and users can also make anonymous transfers up to a certain amount.<\/p>\n\n\n\n

The governor of the central bank emphasized that anonymity has two sides and must be handled cautiously, especially in the financial world:<\/p>\n\n\n\n

\u201cWe recognize that anonymity and transparency are not black and white, and there are many nuances that need to be carefully weighed. In particular, we need to strike a precise balance between protecting individual privacy and combating illegal activities<\/a>.\u201d<\/p><\/blockquote>\n\n\n\n

Yi's remarks are in line with those of Mu Changchun, the chief of the central bank's digital currency (CBDC) program, who restated a similar position in July, saying that CBDC doesn't have to be as anonymous as cash. A CBDC that was fully anonymous, according to Mu, would make it more difficult to stop crimes like tax evasion, money laundering, and financing for terrorism.<\/p>\n\n\n\n

China began its CBDC program in 2014, and after years of research, the pilot was introduced in 2019. Since then, the program has been made available to millions of retail customers nationwide.<\/p>\n\n\n\n

The CBDC testing<\/a> has been extended to several of the provinces with the highest populations in 2022. The fact that the total volume of digital yuan transactions exceeded $14 billion by the third quarter of 2022 can be used to estimate the size of the CBDC trail.<\/p>\n","protected":false},"excerpt":{"rendered":"

At the Hong Kong Fintech Week, Yi Gang, the Chinese central bank governor, discussed the country’s national digital currency, the digital yuan which will provide controllable anonymity to consumers. Yi pointed out during his address that the digital yuan is being promoted in China, a nation with a strong digital payment infrastructure, as a currency […]<\/p>\n","protected":false},"author":12,"featured_media":6215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161],"tags":[12069,1133,558],"class_list":["post-39149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","tag-anonymity","tag-chinese-central-bank","tag-digital-yuan"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/White-paper-For-digital-Yuan-has-been-released-by-the-Chinese-Central-Bank.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=39149"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6215"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=39149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=39149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=39149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}