PBoC Official: China’s CBDC Aims To Provide More ‘Redundancy’ For Current Electronic Payment Systems

Updated : 2019-11-13T00:42:31

Speaking at a conference in Singapore, MU Changchun, head of the digital currency research institute at the People’s Bank of China (PBoC), stated that China’s Central Bank Digital Currency (CBDC) intends to provide more ‘redundancy’ for China’s advanced electronic payment systems.

MU pointed out that Alibaba and Tencent, the two giants, have taken up 96% of the domestic mobile payment market. "Chinese people no longer carry their wallets when they go out," he said, adding that "payment is the country’s infrastructure, so regulators must prepare for any bad situation."

Besides, MU said he hopes to establish more smooth and universal payment methods through the future CBDC, as well as to cover remote areas and promote financial inclusion.