Beijing: Digital CNY Will Tread Line Between Ensuring Privacy and Fighting Crime
Source: Markus Winkler/Unsplash China’s central bank digital currency, the digital yuan, continues to break new ground. And while it is already in use at over 5.6 million stores in the nation, its architects say they will build privacy-protecting functions into the coin. Per the Chinese media outlet International Business Daily, Central Bank figures show that as of the end of August, 360 million transactions involving the digital yuan had been completed. The coin is currently being piloted in 15 of the nation’s biggest cities. The coin’s total transaction volume grew some 14% from August 2021. And the central People’s Bank of China (PBoC) added that it intends to “expand the scope of [its] pilot programs.” It also wants to look at more ways in which the coin can be tested in real-world scenarios. The bank also suggested that it wanted to look at “international cooperation” options. The PBoC has previously suggested that...