On Saturday, Mu Changchun, Director of China’s central bank Digital Currency Research Institute, clarified how the digital yuan (e-CNY) achieves privacy and “controllable anonymity”. Also related to central bank digital currency (CBDC), another digital renminbi giveaway was launched in Changsha, Hunan. This city was not on the first phase pilot list, which marks an expansion of China’s digital currency testing.
Last year we revealed that the Chinese CBDC has four wallet types with increasing transaction limits allowed. Talking at the China Development Forum, Mu Changchun spoke about the anonymous version that allows a maximum of 500 yuan ($77) per payment, a daily limit of 1,000 yuan ($154) and 10,000 yuan ($1536) per month (according to data from last year).
These sorts of wallets can be opened with just a mobile phone number. He clarified that phone companies are not allowed to share real names and other personal data with the central bank by law. Hence these wallets are entirely anonymous to the central bank.
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