Yi Gang, governor of the People’s Bank of China, said a pilot program on the rollout of a digital currency in four cities has been smooth.
There have been more than 4 million transactions, totaling over 2 billion yuan ($299 million) in the digital currency so far, Yi said at the Hong Kong Fintech Week conference on Monday.
He also made the following comments:
- Fintech companies have some key advantages over commercial banks, in terms of developing a customer base and managing risk
- Access to financial services in remote areas has been boosted by new technologies, for example microloans and mobile payments
- Growth in contactless banking during the virus pandemic has created challenges for central banks, which have to manage the convenience for consumers while ensuring their safety
- Protecting consumers’ private information is a challenge
Yi was speaking on a virtual panel with Agustin Carstens, head of the Bank for International Settlements, and Klaas Knot, president of the Dutch central bank.