China’s Digital Yuan Will Target Retail Payments First, Ex-Central Banker Says
Former PBoC head Xiaochuan Zhou says the digital yuan will enable retail payments first, but might need a different technical design for cross-border payments.
A new paper from the PBoC says the “top-level” design of its digital currency is complete while AMLD5 in Europe is causing crypto companies to flee.
Tencent, the Chinese internet giant and owner of WeChat, is reportedly forming a team to explore possible new use cases for cryptocurrencies.
Thirty-eight banks have started using the platform since it entered the test phase in September 2018.
China's securities watchdog is reported to be hiring Yao Qian, the former head of the central bank's digital currency initiative, as the chief of its new tech regulation bureau.
The People's Bank of China is said to be preparing to launch pilots for its digital currency in Shenzhen and Suzhou from the end of the year.