Ex-PBOC Official: China’s Digital Yuan’s Establishment Isn’t for Spying

A former central bank official stated on Sunday that tracking the payments of citizens was never China's motivation for developing a sovereign digital currency. China is dominating the world in developing a national digital currency, a project it has been working on since 2014. The People's Bank of China (PBOC) has been cutting edge on the digital yuan, a so-called central bank digital currency (CBDC) that targets to replace some cash in circulation. According to data from Singapore bank DBS,…