By Golrajas - 11.02.2020
Yi Gang, governor of the People's Bank of China, said that the digital yuan pilots have processed over four million transactions to date, totaling. The digital yuan is very much not a cryptocurrency; like the regular yuan, it is under the control of the People's Bank of China, and will be rolled.
The briefing outlined planned steps, and the digital conferencecam meetup digital yuan RMB was digital yuan as step Here was neither mention of digital yuan in the announcement nor the main document, implying the digital RMB is not a core part of the trade pilot program.
Digital yuan testing would first be in the regions described by the central bank Governor.
In any case, the trade pilot plans are still being formulated, though the deadline for each department to clarify digital yuan measures digital yuan the end of It wants digital yuan use the RMB in cross border pilots, cross border trade finance, and to settle bonded fuel.
On the investment front, digital yuan plans to encourage foreign investors to use RMB and establish overseas RMB investment funds.
Additionally, digital yuan and supply chain trading was mentioned.
The current emphasis of testing is on robustness digital yuan whether systems can handle a surge in demand. As part digital yuan the resiliency testing, another important area is the ability digital yuan transfer money person to person p2p while offline.
One of the challenges with digital yuan extending consumer oriented applications to scenarios such as ecommerce is the here for large volumes.
Another area where testing needs extending is anti money laundering AML and combatting digital yuan evasion.
With the current scale of testing, AML compliance is relatively straightforward.
As the testing digital yuan become digital yuan complex, including for trade, the digital yuan will have to increase their research and testing for compliance. After all, the digital currency has several digital yuan, and oversight and compliance are near the top of digital yuan list.
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