PBoC governor says digital yuan to be more privacy-enhanced than payment apps

Gang Yi, People’s Bank of China Governor, discussed recent developments in the country’s digital currency (e-CNY) during a virtual video conference at the Bank of Finland Institute for Emerging Economies’ (30th Anniversary Conference). The following statement was translated by Cointelegraph by Gang Yi, which addresses the privacy issue surrounding the Digital Yuan.

We have made the necessary technological and regulatory adjustments to ensure that we are focusing our attention on security issues related to personal information and the digital currency. For small transactions, we have established a principle that anonymity is possible with the digital yuan. We will only regulate large transactions under the law. We only collect the necessary data and what is legally required when collecting personal information. This is far less than what electronic payment apps do today.

Gang discussed the storage and use of personal information of users of technology, adding:

We also want to ensure that personal data is not stored and used in an unprofessional manner. Unless required by law, the PBoC won’t give such information [on eCNY users] any third-party or government agency. China has passed numerous laws in recent years to improve the safety and protection personal data from a regulatory perspective.

The number of people who have e-CNY accounts has risen to more than 140 million in recent months. Its transaction volume reached 62 billion Yuan ($9.7 Billion) in October. Gang stated that although the e-CNY is still primarily focused on consumer spending in China’s retail sectors, there are plans to expand across borders.

The PBoC wants to work with international agencies and central banks around the world. Already, we have launched the mCBDC Bridge, which is being used by the Bank for International Settlements (The Bank of Thailand), the Central Bank of the United Arab Emirates (Central Bank of the United Arab Emirates) and the Hong Kong Monetary Authority (Hong Kong Monetary Authority). In addition, we have begun technical discussions regarding the design and construction of CBDCs with the European Central Bank.

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