Lecture at the 13th yearbook Lujiazui Forum in Shanghai, Mu Changchun said the state-backed digital yuan can be stored in a variety of wallets – digital, physical, personal, or public – Bloomberg reported on Friday (June 11th).

Changchun, director general of the People’s Bank of China’s (PBOC) Digital Currency Research Institute, said the yuan digital wallets were designed to be used by anyone and in a variety of formats. The purses should also meet several requirements.

Chinese citizens can apply for a wallet based on their credit limits, their preference for digital or physical, and how they plan to use it, he said, according to Bloomberg.

The Lujiazui Forum is a global platform designed to drive financial reforms and facilitate international financial cooperation. Central Bank Governor Yi Gang spoke about China’s monetary policy and “developing a green and inclusive financial world,” Shine reported.

Yi said China’s average gross domestic product is expected to hit growth targets despite the COVID-19 pandemic and inflation should stay below 2 percent this year.

The PBOC is in the middle of running several digital yuan studies and gave away an additional $ 3 million through lotteries in various cities. Unlike Bitcoin, which has no central support, the digital yuan is supported by the Chinese central bank.

The digital yuan or renminbi could be introduced for a larger study at the Olympic Winter Games in Beijing next year. The eCurrency is used for the domestic economy and is not intended to reduce the country’s dependence on the US dollar.

The digital yuan will coexist with Alipay and WeChat Pay. Alibaba’s Ant Group is the official central bank partner for the digital yuan, also known as e-CNY.

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NEW PYMNTS DATA: CRYPTO CURRENCY PAYMENT STUDY – MAY 2021

About the course: U.S. consumers view cryptocurrency as more than just a store of value: 46 million plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS surveyed 8,008 users and non-users of cryptocurrencies in the US to investigate how they would like to use crypto for purchases, which crypto they would like to use – and how merchant adoption can affect merchant choice and consumer spending.