- The former governor of the PBOC says that the focus of digital currencies and blockchain should be continued by China.
- He believes that they should be used for retail and also remittances.
Zhou Xiaochuan, the former governor of the People’s Bank of China (PBoC), says that the digital currency and blockchain technology should continue to be a focus for China moving forward.
He cited the use of the coins for domestic retail transactions as well as remittance payments. Zhou Xiaochuan further discussed about the influences that central banks across the globe, PBoC included, would have in implementing central bank digital currencies (CBDCs). However, he did quickly emphasize that fiat currencies are “a symbol of national sovereignty” that must remain intact for any country to thrive.
Xiaochaun did explain that the implementation of the Digital Currency Electronic Payment (DCEP) would serve for two primary objectives: An electronic payment system for use in the domestic realm. An international remittance use-case for inter-financial institution settlement.
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