U.S. News: China Proposes Global Rules for Central Bank Digital Currencies
Thu March, 2021, Age: 3 years
China on Thursday suggested that a set of global rules for central bank digital currencies be implemented. Rules would govern how digital currencies could be used around the world and grapple with issues including international monitoring and information sharing. Global central banks are increasingly turning towards digital currencies as cryptocurrencies like bitcoin gain in popularity. The Director General of the People’s Bank of China’s digital currency institute, Mu Changchun suggested the new set of global rules. Mu stated, “interoperability should be enabled between CBDC (central bank digital currency) systems of different jurisdictions and exchange.” The European Central Bank is meanwhile considering the introduction of a digital euro within the next five years, though that plan has faced opposition from Germany where there is concern that a digital currency could pose risks to banks.