Central bank cautious to digital currency: governor

Updated 2018-04-12 13:41:01 Ecns.cn

(ECNS) -- Yi Gang, governor of China's central bank, said China has been cautious in regard to digital currency due to some concerns.

At the Boao Forum for Asia in southern China's Hainan Province, Yi said virtual currency contributes just a little to the real economy and stokes speculation and illegal activities like money laundering.[Special coverage]

However, China is actually leading the world when it comes to the study of digital currency, researching the blockchain and financial technology and the role they could play in the service of the real economy, said Yi.

China is aiming to ensure the security of financial technology and trying to avoid potential negative influences while maintaining tight supervision of the industry, according to Yi.

Last September, Chinese authorities including the People's Bank of China (PBOC) ordered a ban on initial coin offerings, in which technology start-ups issue their own digital coins to investors to access funds, and shut down all virtual currency exchanges in the country.

Yi also said the Chinese national online payment clearing platform, NetsUnion Clearing Corp., was established mainly to guarantee fair play and the security of online payments.

All internet-based payment transactions involving bank accounts and accepted by payment institutions will be processed via the platform as of June 30, per the mandate of the People's Bank of China.

Yi said the platform will encourage competition and innovation among mobile payment providers while also working to mitigate risks.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58June 03 2020 06:12:24

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16June 03 2020 06:12:24

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18June 03 2020 06:12:24

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords