It is expected that the e-currency will replace cash.
The People’s Bank of China (PBOC) has asked for efforts to make it easier for the digital yuan currency system and traditional e-payment tools to work together. The goal is to make it easier for people to use the digital currency.
Fan Yifei, the deputy governor of the PBOC, was quoted as saying at a recent forum on digital finance in Beijing that more work needs to be done to expand the situations and places where the digital yuan can be used. This is so that the goal can be reached.
Fan said that rules and standards for things like digital identities, Bluetooth, and QR codes should be unified to make it easier for different kinds of payment tools to work together.
He also said that the security of using digital yuan needed to be improved by updating the technologies needed to do so, so that user information wouldn’t get out and security risks wouldn’t happen.
The e-yuan is supposed to replace cash, and China wants to be the first big economy to test a digital currency on a national scale.
As part of its tests of digital currency, the government has already given away a lot of e-yuan, and it plans to make the pilot program bigger in the future.