China promotes global digital fiat currency standardization

China is promoting standards for digital fiat currency around the globe based on its leading research, according to central bank officials.

"The country is participating in the development of some basic digital fiat currency concepts and standards in some international standard-setting bodies," said Li Wei, director of the People's Bank of China's technology department. "China has already introduced standards in some economies involved in the Belt and Road Initiative."

The concepts and standards are usually related to digital fiat currency definitions and categories, issues affecting both traditional and virtual currencies, and regulation.