China Proposes Global Rules for Monitoring CBDCs
China is leading major nations in the development of a CBDC but the digital yuan project has raised concerns.
Mar 25, 2021 at 6:45 p.m. UTCUpdated Aug 19, 2021 at 8:21 a.m. UTC
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The director of the Digital Currency Research Institute at the People’s Bank of China (PBoC) is proposing a set of global rules for monitoring central bank digital currencies (CBDCs).
- Speaking at the Bank for International Settlements (BIS) seminar on Thursday, Mu Changchun laid out the proposals, explaining that CBDC fund flows should be “synchronized” to help regulators “monitor the transactions for compliance,” according to a Reuters report.
- “Interoperability should be enabled between CBDC systems of different jurisdictions,” he said.
- China is leading major nations in the development and piloting of a CBDC but the digital yuan project has raised concerns around the amount of insight it would give authorities into users’ financial data and behavior.
- The PBoC has shared its proposals with other central banks and monetary authorities, Mu said at the BIS seminar.
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