China’s e-CNY is a central bank digital currency that’s widely regarded as one of the most advanced CBDCs in the world.
The Chinese government has taken various measures to support the pilot of the digital yuan since it began piloting the e-CNY in 2019.The e-CNY is China’s digital currency for the yuan. The world’s second-largest economy is aiming to provide a digital version of the yuan that meets the public’s demand for money in the digital economy era.
Since the inception of the digital yuan pilots in late 2019, the PBOC has expanded its digital yuan trial to at least 26 locations in 17 provincial-level cities and regions, including Beijing, Shanghai, Shenzhen and Suzhou, state media Xinhua reported in April 2023.Both Alipay and WeChat Pay are ubiquitous mobile payment methods in China and, to some extent, have integrated the e-CNY into their payment services to boost retail use.
As part of the pilot, the central government is eyeing cross-border settlements. For example, in October 2023, PetroChina, a Chinese oil and gas company, completed the first crude oil transaction settled using the digital yuan.Concerns have also arisen surrounding privacy and traceability of the digital yuan even though the PBOC has downplayed concerns.
Such authorized operators would collect necessary personal information, while the PBC would only process inter-institutional transaction information without holding the personal information, according to Mu.
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