PBOC Hopes Central Bank Digital Currency Will Bridge the Digital Divide

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The People’s Bank of China (PBOC) has highlighted the role of the digital renminbi in bridging the “digital divide” in Chinese society and driving financial inclusion.

On 8 September PBOC released a report entitled “Digital Renminbi Barriers and Inclusivity Design – Using Barrier-Free and Inclusive Design to Expedite the Development of Financial Inclusion in China” (数字人民币无障碍及包容性设计——通过无障碍及包容性设计促进我国普惠金融发展的研究).

On the same date PBOC released a “solution plan” of accessible digital renminbi products as part of the 2022 China (Beijing) Digital Finance Forum (2022中国(北京)数字金融论坛).

PBOC said that the goal of the research is to “engage in-depth exploration of innovations and breakthroughs for the digital renminbi to provide financially inclusive products and services, and outline the next step of solution plans for the digital renminbi to strengthen barrier-free and accessible design.”

“[This] has major significance for driving the digital renminbi to bridge the digital divide for disabled people in the payments sphere, as well as for digital financial inclusion,” PBOC said.