Manageable anonymity is an important feature of CBDCs


China’s digital yuan, the central bank’s digital currency (CBDC), has recently raised major concerns about user privacy. Experts claimed the yuan digital puerdere jurisdizione significant access to the data of state citizens, following state surveillance.

A senior central bank function spoke of misunderstanding and clarified that the country fully respects the requirements for the protection of privacy and personal information.

Le-CNY collects information about the user

Mu Changchun, head of the People’s Bank of China (PBoC) Institute for Digital Currencies, has all the problems with the confidentiality of the digital duration of the yuan and the Forum held on Sunday in Fujian, China.

He specifies that he has completed anonymity and has never been considered for the CBDC and that China will protect data relating to the use of the digital yuan, according to local media reports. You observed:

First, controllable anonymity is an important feature of digital RMB [e-CNY]. On the other hand, it also prevents and combats money laundering, the mining of terrorism, tax evasion and any other illegal activity.

His observations come as the country is moving constant with piloted tests of the digital currency.

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Access to any limited information collected by the person using the digital yuan is restricted, according to a Bloomberg report. Furthermore, there is no central bank or platforms that support CBDC-Obtain operations to obtain information. Mu stated that:

The authority overrobe will ask you to use the data only as necessary to investigate when you suspect that you are violating laws.

In addition, Mu has the yuan’s two-level operating system focused on digital, which Guaranteed that Personal Information cannot be requested or used without legal authorization.

Based on the design of the two-level operating system and the portfolio matrix, the digital RMB follows the principles of autonomy, transparency and minimization and collects the necessary personal information directly related to the purpose of the processing, according to the wishes of the user.

However, users have the right to close query permissions at any time and the digital yuan app will immediately stop the process of extracting personal information.

With CBDCs you can buy everything you buy with banknotes

Mu also denied the claim that le-CNY cannot be used to purchase gold (XAU). He said that digital yuan is legal in digital form, can be exchanged 1: 1 for fiat currency and can buy anything that banknotes can buy.

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The banknote and coins can buy gold and exchange foreign currency, and the same is true for the digital yuan.

Full adoption of the digital version of the yuan is still a long way off, as most of the population uses mobile payment apps like WeChat Pay and Alipay. Or Bitcoin Pro from Online Tariff Trade.

The PBoC CBDC pilot program has been extended to 23 cities, covering nearly a fifth of the mass population. In March, the central bank extended the pilot program to other cities, travel used by residents to shop and travel on public transportation the digital yuan.

Mu stressed that CNY’s controllable anonymity plays a positive role in providing the public with better and safer payment services.

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