PBOC official vows privacy, personal information protection in use of digital yuan

 

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China will fully respect privacy and protect personal information in using the digital yuan, said Mu Changchun, director-general of the Digital Currency Research Institute of the People’s Bank of China (PBOC), at a forum on Sunday.

Limited anonymity is a key feature of the digital yuan, Mu said, noting it ensures reasonable anonymous transactions.

“On the other hand, it also prevents and combats illegal activities including money laundering, terrorist financing and tax evasion, maintaining the need for financial security,” he Mu as saying at a forum.

Mu also said the digital yuan, which is the digital version of fiat currency issued by the PBOC, can be used to purchase anything that can be bought with banknotes and coins.