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MNI BRIEF: PBOC To Strengthen Digital Currency Collaboration

MNI (BEIJING)
MNI (Beijing)

The People's Bank of China (PBOC) will strengthen its international collaboration on digital currency cross border transactions, PBOC Governor Yi Gang told attendees at a Hong Kong Fintech Week event on Monday.

"A Central Bank Digital Currency (CBDC) can improve the efficiency of cross-border payments and lower costs” Yi said, adding it could also “help consolidate Hong Kong's status as an international financial centre”.

China’s e-CNY token was the most transacted token in a recent trial of mBridge, a multi-CBDC platform involving central banks from Hong Kong, China, Thailand and the United Arab emirates, according to a report released by the Bank for International Settlements last week.

Yi used his speech to address privacy concerns saying, “the PBOC strictly follows the relevant laws on privacy protection” whilst maintaining the need to balance “protecting individual privacy and combating illegal activities”.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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