Privacy protection is a key remaining issue for usage of the digital yuan, said China’s Central Bank Governor Yi Gang at Hong Kong FinTech Week. By amitoj
in transaction volume. But that figure was a meager 14% increase from the end of last year, compared with its growth of 154% in the last six months of 2021. The e-CNY is being rolled out on a trial basis across the country in 23 cities.
While Gang emphasized the e-CNY is"mainly positioned as cash to meet the needs of domestic retail payment" to enhance inclusive finance and improve payment system efficiency, he stressed that the e-CNY has been designed to"ensure privacy protection and financial security through by-and-large anonymity and managed anonymity."
He explained that is accomplished via the fact that"transaction-related data is encrypted for storage,""entities and individuals are prohibited from arbitrary inquiry or information usage without rigorous legal authorization" and that China's central bank keeps"small-amount soft wallets and hard wallets to meet the need for small-value anonymous transactions, both online and offline.
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