The director of the Digital Currency Research Institute at the People’s Bank of China (PBoC) is proposing a set of global rules for monitoring central bank digital currencies (CBDCs).
- “Interoperability should be enabled between CBDC systems of different jurisdictions,” he said.
- China is leading major nations in the development and piloting of a CBDC but the digital yuan project has raised concerns around the amount of insight it would give authorities into users’ financial data and behavior.
- The PBoC has shared its proposals with other central banks and monetary authorities, Mu said at the BIS seminar.
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