China nears end of its multi-year CBDC pilot, ex-PBoC governor says
China is on track with its central bank digital currency trial as final stages are ‘not very far away,’ says ex-PBoC governor . China is approaching the end of its multi-year digital yuan pilot as the “final stage is not very far away,” said Zhou Xiaochuan, who ruled the People’s Bank of China (PBoC) for 16 years up to 2018. According to a report from the South China Morning Post, the former Governor of PBoC noted in his speech at a conference in Hong Kong that the country has already digitized up to 90% of retail payments. Xiaochuan also addressed the international use of central bank digital currencies (CBDCs), saying cross-border payments are a “big business opportunity for many central bankers to consider and to explore.” In addition to international payments, there are also cases where CBDCs could be used for assets tokenization through smart contracts, Xiaochuan said without elaborating on the matter. You might also like: Sta...