Chinese government, with its latest updates to its financial ecosystem, the authorities this time by establishing a digital asset exchange center in Beijing, Digital Yuan can print for use.
BloombergAccording to , the guidelines issued by the State Council point to the government’s plans to increase financial services in the capital and set up an exchange for trading digital assets. The cabinet, together with attractive banking giants to set up e-CNY operating firms, Digital Yuan While it aims to accelerate its trials, the details of the currently planned digital asset exchange are still not clear.
The Chinese Government has been fighting against cryptocurrencies that are not regulated by law in the country for some time. Alongside this challenge, the government is stepping up its efforts to increase the use of the Digital Yuan and offer an alternative to other crypto assets.
One of the main reasons China implemented a nationwide crypto ban was “consumer protection” given the unregulated nature of crypto. But earlier this month, the first case of fraud using CBDC was presented to the country authorities.
Xinmi Police arrested 11 suspects in Fujian Province for illegally using digital Yuan to launder money. Officials say China’s CBDC is being used as a tool to launder more money for an overseas fraud group hiding in Cambodia for fraudulent purposes.
However, Chinese authorities have improved the Digital Yuan’s privacy protection and anti-fraud features, ensuring that it will remain an ‘isolated incident’. In addition, the authorities guaranteed to increase the interoperability of the Digital Yuan with existing payment instruments.
In addition to strengthening the security system, Chinese authorities have decided to halt CBDC trials. PBOC chairman Yi Gang spoke ‘from afar’ at the Bank of Finland event about the authorities’ plan to improve the design and use of the Digital Yuan, reaffirming the country’s commitment to expansion and progress.
“Looking forward, we will continue to cautiously develop eCNY’s R&D and improve its design and use,” Yi said. said.