Yesterday, Mu Changchun, deputy director at the People’s Bank of China (PBOC) and director of its Digital Money Institute,
spoke at Hong Kong Fintech Week. The central bank official described digital currency issuance as a “horse race” and said that China’s digital Yuan won’t need bank accounts.
Mu previously made
statements regarding Facebook’s Libra shortly after its announcement. Two months later, he launched a
training course on digital currencies and the Facebook project, outlining his concerns in a 24,000-word text. As the head of China’s central bank digital currency (CBDC) initiative, he claimed the PBOC was
“ready” for its launch in August.
The September training course revealed that it would not be linked to any bank account, and will be stored in a smartphone digital wallet. However,
rumored issuers AliPay and WeChat do need a bank account, and many of the others are consumer banks.
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