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Changchun Mu, Director of the Digital Currency Research Institute of the People’s Bank of China, announced on Sept. 3 that the digital yuan, China’s central bank digital currency (CBDC), should become an integral part of all online retail payment options. This move comes as the digital yuan undergoes technological and business model upgrades.
Mu emphasized the developers’ desire to see the digital yuan widely accepted in retail scenarios. The CBDC, also known as the renminbi, has recently undergone significant organizational and business model enhancements, and now it’s time to upgrade payment tools.
Mu called upon commercial banks‘ apps and platforms like WeChat and Alipay to ensure compliance with regulations. In the short term, they can focus on implementing QR codes for CBDC, with long-term upgrades in mind.
Wholesale Payments and Integration
Regarding wholesale payments, Mu suggested integrating the CBDC payment option into the existing interbank payment and settlement systems, rather than completely overhauling them. However, specific technical details about this integration were not provided during the speech.
China continues to develop its controlled yet blockchain-backed digital infrastructure. In August, government officials unveiled the Hangzhou Data Exchange, a new data exchange powered by blockchain technology, designed to facilitate the exchange of corporate IT data.
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