Complete anonymity never a consideration for CBDC: PBoC official

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Author­i­ties can inquire about and use users’ per­son­al infor­ma­tion in accor­dance with the law in the event of sus­pi­cious trans­ac­tions, People’s Bank of Chi­na offi­cials said in response to ques­tions about the pri­va­cy of the dig­i­tal yuan on Sun­day.

See relat­ed arti­cle: Cen­tral banks dou­ble down on CBDC issuance: BIS report

Fast facts

  • Dig­i­tal yuan can only pro­vide lim­it­ed anonymi­ty due to anti-mon­ey laun­der­ing and anti-ter­ror­ist financ­ing require­ments, said Mu Changchun, the direc­tor of the cen­tral bank’s Dig­i­tal Cur­ren­cy Institute. 
  • Since last Novem­ber, Chi­nese police have start­ed track­ing the flow of dig­i­tal yuan to crack mon­ey laun­der­ing and fraud cas­es in Inner Mon­go­lia, Jiang­su, and Henan.
  • Chi­na cur­rent­ly has no spe­cif­ic law for dig­i­tal yuan, and Mu said Chi­na needs to estab­lish laws to clar­i­fy the con­di­tions for dig­i­tal yuan infor­ma­tion inquiry, wal­let freez­ing and deduc­tion, and the penal­ties for ille­gal access to dig­i­tal yuan information.
  • Mu says the dig­i­tal yuan should be anony­mous to mer­chants and third par­ties not autho­rized by law.

See relat­ed arti­cle: Why gov­ern­ments have pow­er­ful incen­tives to devel­op dig­i­tal currencies

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