Zhou Xiaochuan: “digital yuan will be used for daily payments»

Zhou Xiaochuan: “digital yuan will be used for daily payments»

The former head of the People’s Bank of China (PBOC), Zhou Xiaochuan, said that the digital yuan developed by the regulator is perfect for international and domestic payments.

Xiaochuan stressed that the Chinese stablecoin will be used both in the domestic retail payment system and for international transfers between financial institutions.

According to local newspaper Caixin, Xiaochuan also noted the risks of issuing their own cryptocurrencies for Central banks. According to him, Central banks should choose the direction of development very carefully. The wrong choice could lead to a credit crunch, one of China’s most influential financial experts has warned.

Recall that for the first time information about the readiness to launch the state cryptocurrency of China appeared
back in August. However, in November, representatives of the NBK stressed that the stablecoin is still under development and testing.