![]() ![]() ![]() However, the service is still limited to 10 cities as part of its initial launch pilot, and its usage since the Olympics has been extremely modest. A pilot version of the e-CNY wallet debuted in app stores ahead of the 2022 Winter Olympics in Beijing-an early public roll-out for the digital coin-and briefly topped the charts for the most downloaded free app on Apple's China App Store. However, despite the hype, the e-CNY-what it is, what makes it unique, why it’s important-remains little understood.Īt the moment, it can be helpful to start with what it is not:įor one, the e-CNY is not yet fully functional. It’s clear that the Chinese Communist Party has big plans for the e-CNY, having emphasized the role of a digital currency in its long-term plan for the economy through 2035. Announced by the People’s Bank of China (PBOC) in 2017, the e-CNY is China’s attempt to develop a digital fiat currency, widely referred to as a central bank digital currency (CBDC). What is the e-CNY? China’s digital currency goes by many names: the digital yuan, the e-Renminbi (e-RMB), the Digital Currency/Electronic Payment (DC/EP) project, and most commonly today, e-CNY. lawmakers for “making trouble” out of China’s digital currency. China’s Ministry of Foreign Affairs hit back, chiding the U.S. ![]() In a recent letter to the Biden administration, Senator Pat Toomey, R-Pa., and several other senators expressed concern that the United States was ceding a “first mover advantage” to China. In December, the United Kingdom’s spy chief sounded the alarm over the digital currency, calling it a potential vector for Chinese global surveillance. Over the past year, the e-CNY (数字人民币, shùzì rénmínbì) has become a source of western concern about China's growing digital influence in financial technologies. Student editors enrolled in our first DigiChina Newsroom course at Stanford University in Spring 2021 initiated the effort, and Laskai and Associate Editor Johanna Costigan brought it to publication. This article by Lorand Laskai introduces a growing body of DigiChina work on China's digital currency efforts and their relationship with recent blockchain initiatives. ![]()
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