Cryptocurrencies
Digital Yuan Not Intended as Surveillance Tool: Ex-PBOC Official
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Monitoring the payments of citizens was never China’s motivation for developing a sovereign digital currency, a former central bank official said Sunday.
China began to develop the digital yuan to counter the impact of private payment platforms that have become increasingly popular, said Yao Qian, former director of the digital currency institute at the People’s Bank of China, during a panel at the International Finance Forum in Beijing.