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Zhou Xiaochuan in Boao, DCEP Focusing on Retail, Cross-border payments no rushing
China should not rush to use the digital yuan for cross-border payments due to regulatory obstacles and foreign concerns about its global impact, Zhou Xiaochuan, the country's former central bank governor, said at the Boao Forum on Wednesday.
The digital yuan, which will be mainly for domestic retailing payments, is likely to be used for cross-border payments but it faces complex issues such as restrictions on money laundering and terrorist and gambling funding, Zhou said.
Cross-border payments via digital yuan were not easy, he said. "We cannot rush it."
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- Analyse his quotes and speech
- Understand the potential of digital currency in China
- Identify the key leaders in the People's Bank of China
- Prepare your next meeting of digitalization in fluent Mandarin
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