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China Proposes Global Rules for Monitoring CBDCs
China is leading major nations in the development of a CBDC but the digital yuan project has raised concerns.
The director of the Digital Currency Research Institute at the People’s Bank of China (PBoC) is proposing a set of global rules for monitoring central bank digital currencies (CBDCs).
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- Speaking at the Bank for International Settlements (BIS) seminar on Thursday, Mu Changchun laid out the proposals, explaining that CBDC fund flows should be “synchronized” to help regulators “monitor the transactions for compliance,” according to a Reuters report.
- “Interoperability should be enabled between CBDC systems of different jurisdictions,” he said.
- China is leading major nations in the development and piloting of a CBDC but the digital yuan project has raised concerns around the amount of insight it would give authorities into users’ financial data and behavior.
- The PBoC has shared its proposals with other central banks and monetary authorities, Mu said at the BIS seminar.
Read more: How China’s Digital Yuan Could Go Global
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
