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.

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