What You Need Know About E-CNY - The First Digital Currency In China

Central Bank Digital Currencies (CBDCs) is an electronic form of currency and developed by the government to supplement traditional fiat money such as backnotes and coins. With the accelerating digital economy around the world, digital currency allows government and financial institutions to continue the transition to digital infrastructure and increase access to financial services. Namely CBDCs provide businesses and consumers with privacy, transferability, convenience, accessibility, and financial security.

E-CNY

In 2020 China launched the digital yuan pilot program within four cities. Today, the program has been extended to more than 20 cities and national areas including Shanghai, Beijing and Shenzhen. E-CNY is a digital legal tender issued by China's central bank, the People's Bank of China (PBOC) and equivalent to physical renminbi (RMB).