Zhou Xiaochuan, a former governor of China’s central bank, said that China needs to pay close attention to security as it tests its own CBDC.
Zhou Xiaochuan, a former governor of China’s central bank, said that China needs to pay attention to security, keeping costs low and prevention of abuse as it develops its central bank digital currency.
“When I mention preventing abuse, it includes efforts to combat money laundering and arms trading,” Zhou continued. “Many arms trades in military conflicts, as well as drug trades involving substances like fentanyl, are often facilitated using cryptocurrencies and stablecoins for payments, making this an area that requires focused prevention.”
That design ensures the “dynamic evolution” of the digital currency, Zhou said, meaning it's a system that improves service levels and fosters innovation through mutual competition, which “may be particularly important for a large nation.”
France Dernières Nouvelles, France Actualités
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