Wednesday, 19 June 2024
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ChinaFinance

The Retail Platforms Need to Support China’s Digital Yuan

  • China‘s central bank digital currency is reportedly undergoing significant enhancements.
  • Mu urged the adoption of QR codes for CBDC while working on long-term improvements to their payment capabilities.
  • Mu also advocated the use of smart contracts to increase the efficiency of payments.

China’s central bank digital currency, the digital yuan, is reportedly undergoing significant enhancements, according to Changchun Mu, director of the People’s Bank of China’s Digital Currency Research Institute.

In his speech at the China International Service Trade Fair on September 3, Mu emphasized the significance of wallet providers facilitating digital yuan payments in all retail scenarios.

Digital Yuan

Mu urged the adoption of QR codes for CBDC while working on long-term improvements to their payment capabilities so that commercial banking apps like WeChat and Alipay would abide by the rules.

Mu recommended that rather than replacing the current interbank payment and settlement systems entirely, CBDC payment options for wholesale payments should be integrated into those systems. He did not, however, disclose any technical information regarding this integration.

The blockchain-based digital infrastructure in China, including the digital yuan, has been actively developed. Officials announced the Hangzhou Data flow in August, which uses blockchain to speed up the flow of business IT data.

Insisting on stakeholders to prioritize compliance and get necessary financial licenses, Mu’s words emphasize China’s commitment to guaranteeing the availability of the digital yuan in all retail payment scenarios.

In a few trial zones, the central bank has been testing the digital yuan, but widespread acceptance is still a work in progress. Mu also advocated the use of smart contracts to increase the efficiency of payments and the use of the digital yuan for wholesale financial market settlement.

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