![]() The digital renminbi is seen by some commentators as a form of Chinese government surveillance and control over users and their financial transactions. ![]() The technology enables transactions to take place between two offline devices. It aims to be cheaper and faster than existing financial transactions. The digital yuan is designed to move instantaneously in both domestic and international transactions. The digital RMB is legal tender and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins. It is the first digital currency to be issued by a major economy, undergoing public testing as of April 2021. All rights reserved.Digital currency issued by China's central bankĭigital renminbi ( Chinese: 数字人民币 also abbreviated as digital RMB and e-CNY), or Digital Currency Electronic Payment ( DCEP, Chinese: 数字货币电子支付 pinyin: Shùzì huòbì diànzǐ zhīfù), is a central bank digital currency issued by China's central bank, the People's Bank of China. Copyright © 2022 South China Morning Post Publishers Ltd. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. While China has yet to announce a formal timetable for the nationwide launch of e-CNY, officially known as Digital Currency and Electronic Payment, authorities aim to showcase its use during the Winter Olympics, when officials said foreign visitors would be able to use the digital yuan in event venues - even without a Chinese bank account. "The digital renminbi has found a better way to integrate with common consumer scenarios, which will make it more inclusive and accessible." Meituan's latest move will allow people to use the digital yuan in various aspects of their daily lives, said Wang Pengbo, senior financial analyst at consultancy BoTong Analysys. The surge came before the central bank launched its official e-CNY wallet app for public download in January. Story continues China's digital yuan wallet nearly doubles user base in two monthsĪmid the strong push, the number of e-CNY users nearly doubled to 261 million last December from 140 million just two months earlier, said Zou Lan, head of financial markets at the People's Bank of China. Two months later, Suzhou offered a total of 20 million digital yuan to 100,000 residents. ![]() In October 2020, Shenzhen issued 50,000 digital red packets worth 200 yuan each. Local governments in some of these cities have been giving away electronic cash through lotteries to encourage citizens to try out the e-CNY. (Ant is the fintech affiliate of Alibaba Group Holding, owner of the South China Morning Post.)įor now, though, the digital yuan can only be used in designated cities, including Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian, as well as Beijing and Winter Olympics venues outside the capital city. Social media and gaming giant Tencent Holdings recently added e-CNY as a payment option to its electronic wallet service WeChat Pay, while e-commerce platform operator JD.com supports e-CNY payments for purchases made in online stores operated by the company.Īlipay, WeChat Pay's main rival owned by Ant Group, has allowed e-CNY payments for eligible users since last year. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. ![]()
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