China’s central bank digital currency will offer users greater privacy protection than any other digital payment tool, a People’s Bank of China (PBOC) official said*

The digital yuan’s “controllable anonymity” can satisfy individuals’ reasonable needs for anonymous transactions and personal information protection, while helping to maintain financial stability by contributing to the fight against money laundering, terrorist financing and tax evasion, Mu Changchun, head of the PBOC’s digital currency research institute, said Saturday at the annual China Development Forum in Beijing.

China is accelerating the rollout of its virtual yuan. So far, several cities, including Beijing, Shenzhen, Chengdu, and Suzhou, have used the digital currency to provide millions of yuan of coupons (link in Chinese) to local residents since October as part of ongoing pilot programs.

*Mu Changchun, director of the People’s Bank of China’s Digital Currency Research Institute, speaks at the China Development Forum 2021 on Saturday. Photo: China Development Forum