China’s central bank vowed to promote interconnection between the digital yuan and other electronic payment tools so that consumers can make payments by scanning a unified QR code.
As part of efforts to accelerate standardization of the digital yuan system, it is necessary to promote unification of digital identity, message specification and QR code systems, said Fan Yiwei, deputy governor of People’s Bank of China, at a digital finance forum Thursday.
The digital yuan, also known as e-CNY, shares certain similarities with other electronic payment tools but also differs, so it cannot completely copy the operating systems of physical cash and electronic payments, Fan said.
