China’s central bank is ‘quite worried’ about global risks from some digital currencies

- CNBC - JULY 8, 2021 - EVELYN CHENG -

A customer makes a payment using China’s digital currency, or e-CNY, at Wangfujing Department Store on February 11, 2021 in Beijing, China. VCG | Visual China Group | Getty Images
  • 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.


LEIA MAIS:

https://www.cnbc.com/2021/07/08/chinas-central-bank-is-quite-worried-about-some-digital-currencies.html


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