China Sees No Reason to Create Fully Anonymous CBDC
Main page News, China, CBDC, Regulations

China's central bank, the People's Bank of China (PBoC), doubts a central bank digital currency (CBDC) should be fully anonymous.

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According to Mu Changchun, the head of the Chinese central bank's Digital Currency Research Institute, "controllable anonymity" as an important feature of China's CBDC protects the public’s needs for reasonable anonymous transactions and personal information protection, as well as prevents money laundering and terrorism financing.

"The precondition of CBDC's anonymity is it being risk-controllable and limited. A fully anonymous CBDC is not practical," Mu added.

The Digital Currency Research Institute's comment comes amid the PBoC's call for focus on supporting economic growth and reducing financial risks. The PBoC's Governor Yi Gang said earlier that the regulator should provide "positive incentives for economic entities and restrain the breeding and accumulation of financial risks."

Japan Accelerates Exploration of CBDC to Compete with China

As iHodl previously reported, the PBoC set up a joint venture with SWIFT to comply with Chinese regulatory requirements on the CBDC. SWIFT claims the collaboration will allow it to get all the necessary licenses for local network management activities to focus on maintaining compliance with applicable regulations in China.

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