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According to Changchun Mu, the Director of the Digital Currency Research Institute of the People’s Bank of China, the country’s central bank continues to upgrade the technological and business model of its digital currency. Mu emphasized that the digital yuan has made significant advancements in organizational forms and business models, which could provide new opportunities in the cryptocurrency sector. Additionally, he stated that the central bank digital currency (CBDC) could be integrated into interbank payment systems to be used in commercial payments.
Warning to Payment Companies
According to a statement made by Changchun Mu, the Director of the Digital Currency Research Institute of the People’s Bank of China, on September 3rd, wallet providers should facilitate payment options in all retail scenarios as China’s central bank advances the technological and business model of its digital currency (CBDC), the digital yuan. Speaking at the China International Fair for Trade in Services, Mu stated that the digital yuan has experienced significant growth in organizational forms and business models. Now, it’s the turn of payment tools serving the cryptocurrency sector.
Mu mentioned commercial banking applications such as WeChat and Alipay, reminding them of their obligations to comply with regulations. According to Mu, these platforms can focus on implementing QR codes for CBDC in the short term, and in the long term, they can enhance payment tools and provide digital yuan support to all users.
No Need for System Change
The official also mentioned commercial payments for companies. According to Mu, there is no need to completely change the existing interbank payment and settlement systems; integrating the CBDC payment option will be sufficient. However, the technical details of the integration were not discussed during the speech.
China continues its work on a blockchain-supported but fully controlled digital infrastructure. In August, Chinese government officials announced a new data exchange supported by blockchain. The newly established Hangzhou Data Exchange will facilitate the exchange of corporate information technology data using distributed ledger technology. China, which produces solutions that can be considered a technological revolution in many areas of daily life, successfully attracts the attention of the world with its artificial intelligence-powered camera system, and therefore, any developments in the blockchain field arouse curiosity.
