- CNBC - JULY 8, 2021 - EVELYN CHENG -
The central bank is “quite worried” about global financial risks from digital currencies, particularly so-called stablecoins, Fan Yifei, a deputy governor of the People’s Bank of China, told reporters Thursday in Mandarin, according to a CNBC translation.
Fan added the central bank’s invite-only test of the digital yuan now has more than 10 million users.
Separately, Fan said the PBoC will apply measures it took on Ant Group to other entities in the payment services market.
BEIJING — China’s central bank is “quite worried” about risks to the global financial system from privately developed digital currencies, particularly so-called global stablecoins.
These digital currencies are tied to a fixed value, such as a government-backed currency like the U.S. dollar. One popular example is Tether, which has raised concerns in the U.S.
government and ranks third in market capitalization behind well-known cryptocurrencies bitcoin and ethereum.
“Some commercial organizations’ so-called stablecoins, especially global stablecoins, may bring risks and challenges to the international monetary system, and payments and settlement system, etc.,” Fan Yifei, a deputy governor of the People’s Bank of China, told reporters Thursday in Mandarin, according to a CNBC translation.
“We are still quite worried about this issue, so we have taken some measures,” Fan said.
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