A customer makes a payment using China’s digital currency, or e-CNY, at Wangfujing Department Store on February 11, 2021 in Beijing, China.
VCG | Visual China Group | Getty Images
BEIJING — China’s central bank is “quite worried” about risks to the global financial system from privately developed digital currencies, particularly so-called global stablecoins.
These digital currencies are tied to a fixed value, such as a government-backed currency like the U.S. dollar. One popular example is Tether, which has raised concerns in the U.S. government and ranks third in market capitalization behind well-known cryptocurrencies bitcoin and ethereum.
“Some commercial organizations’ so-called…