According to Changchun Mu, who serves as the head of the PBOC’s Digital Currency Research Institute, the first step in renewing China’s financial system should be to use the digital yuan as a payment instrument for all retail scenarios. At the same time, any digital wallet and payment service providers, including WeChat, AliPay, commercial banks and digital yuan operators, must carefully comply with the requirements of the regulator and have appropriate financial licenses.
“In the near future, we will unify QR code standards at the technical level to ensure the compatibility of these codes. In the long term, we will systematically update payment instruments,” the official stressed.
Mu noted that at the moment, interbank payment and settlement systems function without complaints, so there is no need to replace them with a national digital currency system. However, it is necessary to smoothly integrate e-CNY support into existing electronic payment tools, and achieve full interoperability between the digital yuan and traditional systems.
In July, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, noted that the digital currencies of Russia and China could be used jointly for international payments.
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