Mu Changchun, Director of the Digital Currency Research Institute of China’s central bank, has outlined some ground rules China is keen to establish around cross border payments involving central bank digital currencies (CBDC). He was talking today at a Bank for International Settlements (BIS) event.
While Ledger Insights was one of the first in 2019 to highlight the digital yuan as an opportunity to expand the renminbi’s international reach, the Director’s comments show that other CBDCs might prove attractive to Chinese and Hong Kong citizens as well.
Mu Changchun said, “There is an old Chinese saying that ‘Do not do unto others, that you don’t want others to do unto you.'” (Confucius, and there’s a similar Bible quote.)
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