The e-currency is expected to replace cash in circulation
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The People’s Bank of China (PBOC) has called for efforts to facilitate interconnectivity between the digital yuan currency system and traditional e-payment tools with the aim of making use of the digital currency more convenient, the news agency Xinhua reported on Friday.
To realize that goal, more efforts should be applied to expand the scenarios and environment in which the digital yuan can be used, deputy governor of the PBOC Fan Yifei was cited as saying at a recent forum on digital finance in Beijing.
Fan specified that regulations and standards in areas such as digital identities, Bluetooth, and QR codes should be unified to improve the interconnectivity of various types of payment tools. He also emphasized the need to improve the security of digital yuan use by upgrading relevant technologies to avoid user-information leaks and eliminate data security risks.
The e-yuan is projected to replace cash in circulation, while China plans to become the first major economy to test a digital currency at the national level. The government has already carried out multiple e-yuan giveaways as part of its digital currency tests and plans to expand the pilot program in the future.
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