China’s proposed central bank digital currency (CBDC) may provide Beijing with unprecedented oversight over money flows, but it isn’t a bid to gain control of the public’s information, an official said.
Reuters quoted Mu Changchun, the People’s Bank of China’s digital currency research institute chief, saying that China isn’t trying to use the currency to gain control over personal information, rather, it aims to “balance privacy concerns and the authorities’ need for information.”
Mu, who was speaking at a conference in Singapore, said that he recognizes the need to retain anonymity and that the PBOC will give it to those who want it.
“We know the demand from the general public is to keep anonymity by using paper money and coins … we will give those people who demand it anonymity in their transactions.”
That said, he stressed the need to balance between “controllable anonymity” and anti-money laundering, counter terrorist financing, tax, gambling, and electronic crime issues, adding:
“That is a balance we have to keep, and that is our goal. We are not seeking full control of the information of the general public.”
China has been gearing up to launch its state-backed digital currency ever since Facebook unveiled the Libra whitepaper. It was purportedly “ready” back in August, and several large companies, including Tencent and Alibaba, have already handled it. It has yet, however, to be officially launched.
Photo: Junjiewu99
