It is anticipated that the e-currency would replace current currencies.
To make using digital currency more convenient, the People’s Bank of China (PBOC) has asked for initiatives to promote connectivity between the digital yuan currency system and conventional e-payment technologies.
At a recent conference on digital banking in Beijing, the deputy governor of the PBOC, Fan Yifei, was quoted as saying that more work should be done to broaden the situations and environments in which the digital yuan can be employed.
Fan stated that to promote the interoperability of various types of payment instruments, rules and standards in areas like digital identities, Bluetooth, and QR codes should be standardized. To prevent user data leaks and reduce data security threats, he also underlined the importance of upgrading relevant technology to enhance the security of digital yuan use.
The e-yuan is anticipated to replace current money, and China aims to be the first significant economy to test a digital currency on a national scale. As part of its trials with digital currency, the government has already distributed numerous e-yuan, and it intends to broaden the pilot program in the future.
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