Central Bank of China: We do not aim to spy on society when developing digital currency

The national digital currency being developed by the People’s Bank of China is not aimed at total control over information, said the head of the payment and settlement solutions division of the regulator Mu Changchun this Tuesday. According to him, the task of the authorities is to find a balance between solving the problem of privacy and providing access to data to the responsible authorities, writes Reuters..

As the newspaper notes, the national digital currency of China differs from other developments of a similar plan, since, presumably, it endows its creators with an unprecedented level of control over cash flows..

“We know that members of the general public would like to maintain the anonymity they enjoy when working with banknotes and coins. We will provide these people with anonymity in transactions, Mu said. “But at the same time, we will maintain a balance between ‘controlled anonymity’ and countering money laundering, terrorist financing, tax issues, online gambling and other types of electronic criminal activity.”.

“This is a balance that we need to maintain. We are not going to have full control over the information of the general public, ”he added..

Mu said in August that the digital currency was “almost ready” to launch, but in September, the head of the People’s Bank of China, Yi Gang, said the instrument did not yet meet the established requirements, separately highlighting the issue of money laundering.

Mu also clarified on Tuesday that the project aims to create a new system in case of problems in the existing financial infrastructure of China and increase the availability of financial services in agricultural regions..

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