Digital Yuan could operate on Ethereum!

Could the Digital Yuan operate on Ethereum in the future? Yes, says the former head of the digital currency initiative at the People’s Bank of China.

According to the former head of the digital currency initiative at the People’s Bank of China, Yao Qian, CBDCs are set to become more “smart.”

Today, Qian is the director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission.

CBDC is short for Central Bank Digital Currency. A central institution controls the supply of the circulating money – not what crypto and DeFi stand for


Still, the Digital Yuan could operate on blockchain networks such as Ethereum.

Qian sees massive advantages when using networks like Ethereum:

“Layered operations can enable the central bank’s digital currency to better benefit groups without bank accounts and achieve financial inclusion.”

Still, he is concerned about legal and security aspects. That’s why he also stated that these technologies must mature.

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