PBoC governor says digital yuan is more privacy friendly than payment apps

During a virtual video session at the 30th e-CNY conference). The gang went into the following statement, translated by Cointelegraph, specifically on the data protection issue in connection with the digital yuan:

We have a strong focus on personal data security and the digital yuan and have made relevant regulatory and technological adjustments to achieve this goal. We have applied the principle of anonymity to small transactions with the digital yuan and will only obey the law for large transactions. When it comes to collecting personal data, we try to collect only what is necessary and minimally what is legally required, much less than today’s electronic payment applications.

Added gear on the storage and use of personal data of technology users:

At the same time, we strive to strictly control the storage and use of personal data. Unless required by law, the PBoC does not provide such information [on e-CNY users] to third parties or government agencies. In recent years, China has passed many laws to facilitate the security and protection of personal data from a legal point of view.

In the past few months, the number of people with e-CNY accounts has risen to over 140 million. At the same time, the volume of trade exceeded 62 billion yuan ($ 9.7 billion) in October. When discussing the next steps for CBDCs, Gang stated that while e-CNY continues to dominate consumer spending weakness in Chinese retailers, with plans to exceed to expand beyond the limits:

The PBoC looks forward to working with central banks, international agencies and cryptocurrency institutions worldwide. We launched the mCBDC Bridge with the Bank for International Settlements, the Bank of Thailand, the Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority. We have also started technical discussions with the European Central Bank on the design of CBDCs.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page