China's digital currency (CBDC) will not be able to become a fully anonymous financial instrument. The concept of a confidential crypto-yuan has effectively failed, said Mu Changchun, head of the Research Institute of the PRC's Central Bank.
The expert outlined his position during a speech at the forum held in Beijing at the end of last week.
He emphasized: "A completely anonymous CBDC is not feasible because it would violate anti-money laundering, terrorist financing, and tax evasion laws."
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A representative of a scientific institute criticized those CBDC supporters who insist that transactions with state cryptocurrencies are confidential.
At the same time, the expert of the People's Bank noted that the digital yuan will still be more confidential compared to bank cards or payment systems. such as WeChat and Alipay.
At the moment, China is on the list of those countries that have advanced the farthest in creating a national digital currency.