BOAO, Hainan, April 18 (Xinhua) -- When developing digital currencies, the monetary sovereignty of central banks needs to be respected, and there should not be a one-currency-for-all scenario, said Zhou Xiaochuan, former governor of the People's Bank of China, on Sunday.
Every country has its own macro-control situations and its own monetary sovereignty. Some countries still have certain foreign exchange control, which is not so easy to relax, Zhou said at a sub-forum of Boao Forum for Asia annual conference.
Using central bank digital currencies of different countries for cross-border payments will be complicated because it involves different rules and regulations, he said.
By developing the digital yuan, China aims to upgrade the retail system first, rather than using it for cross-border transactions, Zhou said.
He said improving retail system efficiency is the basis of developing all other businesses. Only on this basis will it be possible for the country to use digital yuan for the wholesale system and cross-border payments.
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