China Rejects Plans to Replace Dollar with Digital Yuan
Main page News, China, CBDC

Li Bo, Deputy Governor of the People's Bank of China (PBOC), says the watchdog has no plans to replace the US dollar with its digital yuan, Bloomberg reports. According to Bo, the country's central bank does not want to internationalize its currency, but boost its domestic usage.

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"For the internationalization of the renminbi, we have said many times that it’s a natural process, and our goal is not to replace the US dollar or other international currencies," said Li.

The bank's head added that the motivation for the digital yuan — at least "for now" — is focusing primarily on domestiс use. He also added that interoperability is a difficult issue and the bank is not in a hurry to reach any particular solution yet. While China has no plans to expand its digital currency globally, it is already working on making it possible for foreign athletes and visitors to use the digital yuan during the Beijing Winter Olympics in 2022, Li emphasized.

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In March this year, Mu Changchun, the Head of the Chinese central bank's Digital Currency Research Institute, said that "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.

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