People’s Bank of China launches digital Yuan app alongside FinTech plan

“Cross-border and international use is more complicated, as it involves legal issues such as anti-money laundering and know-your-customer. The international community is also having deeper discussions,” he explained.

“Given the complication of cross-border use, the e-CNY is designed mainly for domestic retail payments at present.

“We will keep an eye on its development and look forward to strengthening the cooperation with other central banks and international organisations… for now, we do not have any plan for using e-CNY in the Belt and Road countries yet.”

People’s Bank of China leads FinTech development plan

Alongside the launch of the ‘e-CNY’ app, the People’s Bank of China also energised its troops this morning publishing a document outlining the eight key tasks that lay ahead for meeting the FinTech development plan 2022-2025.

Those tasks were…

• Strengthen FinTech governance to shape the components and ethics developed for the future digital ecosystem.
• Construct of fully activated data capabilities that encourage the ‘sharing of data… under the premise of security’.
• Consolidation of the ‘digital base’ through the construction of a green high power data centre network (the centralised ‘e-CNY’ blockchain infrastructure).
• Extend the industrial ecology to open up the ‘last mile’ of transformation (likely referring to the implementation of AI).
• Establish safety mechanisms for FinTech to effectively control risk.
• Develop diverse and integrated service channels to onboard retail-level users with minimal barriers-to-entry.
• Improve strength of regulatory technology to enable penetrating supervision and FinTech firewall.
• Cultivate FinTech talent in order to steady the long-term development of the technology at PBOC.

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