The People's Bank of China Will Attach Great Importance to the Security and Privacy of the Digital RMB System

Abstract : The bank regards law-based compliance and security and convenience as the two most important design principles.


Jul 20

According to the Economic Times, Fan Yifei, the deputy governor of the People's Bank of China (PBOC), said the central bank attaches great importance to the security and privacy of the digital RMB system.The bank regards law-based compliance and security and convenience as the two most important design principles which run through all levels of the digital RMB design framework.

In terms of security, Fan said, one is to standardize the life-cycle information security management of the design, development, operation and maintenance procedures of the digital RMB and related systems.

The second is to initially complete the construction of a multi-level joint prevention and control security operation system, establish an information security management system, focus on strengthening actual combat training, and provide security support for the digital RMB.

The third is to study the new security technology to improve the security level of digital RMB, introduce the research and application of distributed digital identity, zero trust and other emerging technologies, and strengthen the technical measures of personal privacy data protection.

At the same time, the central bank will also prevent digital RMB from being used for telecom fraud, online gambling, money laundering and other illegal and criminal activities, and ensure relevant transactions meet anti-money laundering and other requirements.

According to Fan Yifei, transaction information collected by the digital RMB system will not be excessively collected and will not be provided to third parties or other government departments unless it is clearly stipulated by laws and regulations.

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