Digital Yuan Needs to Strike Balance on Privacy, China’s Central Bank Governor Says
- E-CNY needs to protect users through ‘managed anonymity’: Yi
- Fintech innovation should be ‘safe and prudent’: CBIRC’s Xiao
Yi Gang
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s centralized digital yuan should balance the privacy of its users with the need to prevent people from using the currency to commit crimes, China’s central bank governor said.
“Anonymity and full disclosure are not as simple as black and white,” said Yi Gang, governor of the People’s Bank of China, in a virtual speech Monday to the Hong Kong FinTech Week conference. He added that officials must “strike a delicate balance between protecting privacy and combating illicit activities.”