E-yuan uptake disappointing, former PBoC researcher says
Xie Ping argues consumer cash needs already met by other services
Uptake of China’s digital yuan has been disappointing, a former head of research at the People’s Bank of China said.
Xie Ping, now a finance professor, was speaking at a digital finance conference organised by Tsinghua University.
Central bank digital currency (CBDC) use has been “low, highly inactive”, Xie said, according to a report by Chinese financial news outlet Caixin. “The results are not ideal.”
Cumulative digital yuan transactions only crossed $14 billion (100 billion yuan) in
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on CBDC
Central banks ‘too slow’ on wholesale CBDCs, industry says
Report emphasises need for greater public-private collaboration and unified definition
BoE study suggests digital pound would be less private than cash
Report, conducted with MIT, says cryptographic techniques would not guarantee privacy
Majority have privacy concerns over CBDC – RBNZ survey
Findings show access to physical cash still important; private sector not meeting payment needs
CBDCs would reduce foreign exchange risk – LSE study
Adoption of digital currencies could mean lenders needing to hold less regulatory capital
BIS and World Bank find central banks split over retail CBDCs
Study says many institutions see value in launching fast payments systems first
Digital euro’s ‘cash-like privacy’ hinges on offline functionality
Update report notes disagreement between banks and consumer representatives on key design aspects
BoJ considers parallel processing in CBDC design
Central bank adds two new working groups to its preparations for digital currency pilot programme
Trials pick holes in retail CBDCs’ privacy technology
Report by central banks says shortcomings in design features could stymie implementation