• Home
  • Login
  • Register
The Central Bank Digital Currency Insider
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
SUBSCRIBE
No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
No Result
View All Result
The Central Bank Digital Currency Insider
No Result
View All Result

Former PBoC Official Denies Digital Yuan Will Be a Surveillance Tool

by CBDC Insider
May 31, 2021
in Asia, Business
Reading Time: 2min read
0
Former PBoC Official Denies Digital Yuan Will Be a Surveillance Tool
Share on FacebookShare on Twitter

Yao Qian, formerly the director for the digital currency institute at the PBoC, denied that the digital yuan has ever been planned as a surveillance tool. According to reports, he clarified that China decided to develop the digital yuan as a countermeasure against increasingly popular “private payment platforms.”

Yao made these comments while on a panel at Beijing’s International Finance Forum.

His remarks argue against assertions made by United States Federal Reserve Chair Jerome Powell in a press conference on April 28. Powell indicated that such a digital currency would not work in the U.S., claiming that the digital yuan allowed the Chinese government to “see every payment that’s used—for which it is used in real-time.”

RELATED STORIES

Ripple Supports the Digital Euro Association’s Major Event To Advance CBDC Work

Ripple Supports the Digital Euro Association’s Major Event To Advance CBDC Work

July 6, 2022
How Might Central Bank Digital Currency Affect Banks?

How Might Central Bank Digital Currency Affect Banks?

July 6, 2022

Yao insisted that this was not the case. arguing that a CBDC is necessary for the central banks to innovate fiat currencies amid the rise of digital ones.

The digital yuan has been the subject of much debate since its initial announcement. Many have questioned the effects it will have on industries, such as gambling operators in Macau.

Officials in the U.S. have also voiced concerns that it could undermine the dollar’s dominance. In April, reports revealed that the Biden administration was keeping an eye on the CBDC’s development. However, in May, Hester Peirce, Commissioner at the U.S. Securities and Exchange Commission (SEC), stated there digital yuan will not eclipse the dollar.

Read more: https://beincrypto.com/former-pboc-official-denies-digital-yuan-surveillance-tool/

Previous Post

CBDCs: Sweden’s Reserve Bank Is Reportedly Working with Commercial Lender to Test Proposed Virtual Currency

Next Post

ECB Report Highlights Risks of Not Launching CBDC

Next Post
ECB Report Highlights Risks of Not Launching CBDC

ECB Report Highlights Risks of Not Launching CBDC

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register