Chinese Central Bank Officer Announces Fake Digital Yuan Wallets

Head of the Department of Payment and Settlement Decisions of the People’s Bank of China (NSC) Mu Chanchun (Mu Changchun) reported on the appearance of fake wallets for a digital yuan.

Chanchun explained, that digital yuan is still at the test stage, However, on False wallets for state cryptocurrency have already begun to appear the market. Therefore, Chanchun announced the need to take measures as soon as possible to solve this problem, Until it has grown on a wide scale.

The NBK employee noted, that the fight against fake paper banknotes requires very large costs, And in the case of digital currencies, expenses can grow several times. To reduce costs, The Chinese Central Bank should make a wallet for a digital yuan easily recognizable.

Besides, it is necessary to establish effective interaction with other companies and state organizations. They will be able to contribute to the development of a financial product, Having complemented it with special functions, thanks to which the wallet will be difficult to fake. Chanchun added, that the active actions of the Chinese government to test the digital yuan do not mean at all, that after its launch, the country will completely switch to a digital economy.

The central bank and state bodies will not use any forced administrative measures, To "push" the population to digital currency. Against, NBK plans to use a market-oriented approach and release state stablecoin depending on demand.

“How many digital yuans do citizens need - so much we will release. We will continue to print paper yuani until then, While people will need them. I think, that digital and paper yuan will be able to coexist for a very long time ", - said Chanchun.

In August, Chinese banks began full -scale testing of the application and wallet for a digital yuan, to prepare for its official launch. Previously the former head of the NBK Zhou Xiaocuan (Zhou Xiaochuan) stated, that the main goal of the digital yuan is to develop retail payments in China and prevent the popularization of the dollar among the Chinese population.