Today Fan Yifei, deputy governor of the People’s Bank of China (PBC), wrote at length about China’s digital yuan in China’s Financial News.
While much of the content about the central bank digital currency (CBDC) has already been disclosed, there were a few new revelations.
It was previously thought that the role of the big four state banks was primarily in testing. But the deputy governor clarified things a little. He explained that given the digital yuan or renminbi (RMB) is cash or M0, current laws only allow commercial banks to provide the public with digital yuan exchange services. The implication is that Alipay and Tencent’s WeChat Pay cannot provide these services. However, that doesn’t mean that digital RMB bought from a bank can’t be held in the wallet.
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