Chinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process
According to Yi Gang, governor of China’s central bank , the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “ financial security .” To achieve this, the central bank’ ;s role will be limited to managing the digital currency’s “ operating system” ; while the handling of personal transaction information is done by “designated operating institutions.” Adhering to Relevant Consumer Protection Laws People’s Bank of China (PBOC) governor Yi Gang has said the process of designing China’s central bank digital currency (CBDC), the digital yuan (also known as e-CNY), is guided by two principles: maintaining financial security and the protection of users’ privacy. To ensure the principles are adhered to, Gang claimed his institution’s role will be limited to managing the e-CNY operating system as well as handling cross-border transactions. Also, in his...