BitcoinWorld

Black_background_logo_BitcoinWorld-removebg-preview
Yi Gang
Latest News

China Governor Indicates Smooth Flowing Digital Yuan Pilot Program

Yi Gang
Yi Gang, deputy governor of the People’s Bank of China. Photographer: Qilai Shen/Bloomberg

Yi Gang, governor of the People’s Bank of China, said a pilot program on the rollout of a digital currency in four cities has been smooth.

There have been more than 4 million transactions, totaling over 2 billion yuan ($299 million) in the digital currency so far, Yi said at the Hong Kong Fintech Week conference on Monday.

He also made the following comments:

  • Fintech companies have some key advantages over commercial banks, in terms of developing a customer base and managing risk
  • Access to financial services in remote areas has been boosted by new technologies, for example microloans and mobile payments
  • Growth in contactless banking during the virus pandemic has created challenges for central banks, which have to manage the convenience for consumers while ensuring their safety
  • Protecting consumers’ private information is a challenge

Yi was speaking on a virtual panel with Agustin Carstens, head of the Bank for International Settlements, and Klaas Knot, president of the Dutch central bank.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.