Central Bank Mu Changchun: China's central bank digital currency provides more redundancy for current electronic payment systems

On November 12th, at the 4th Singapore Financial Science and Technology Festival “Defining the Future of Digital Money” sub-forum, Deputy Director of the People’s Bank of China’s Payments Department and Director of the Digital Money Institute Mu Changchang said that the Chinese version of the central bank’s digital currency It is not aimed at cross-border payments, nor is it used for wholesale funding services like “Morgancoin”, but rather provides more redundancy for China’s already advanced electronic payment systems. Mu Changchun pointed out that the two giants of Ali and Tencent have already occupied 96% of the domestic mobile payment market. Now the Chinese people go out without a wallet, but the payment is the national infrastructure, and the regulator must do anything bad. Prepare for the situation. In addition, China's payment system has market segmentation and friction. Mu Changchun said that he hopes to establish a more fluent and universal payment method through the future central bank digital currency. In addition, it can also cover remote areas and promote financial inclusion.