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ofE-CNY in China

ProgressProgressProgressProgressofofofof ResearchResearchResearchResearch&&&&Deve lopmentDevelopmentDevelopmentDevelopment ooooffffE-CNYE-CNYE-CNYE-CNYininininChin aChinaChinaChinaWorkingWorkingWorkingWor kingGroupGroupGroupGroupononononE-CNYE-C NYE-CNYE-CNYR esearchResearchResearchResearchandandand andDevelopmentDevelopmentDevelopmentDeve lopmentofofofofthethethethePeople'sPeopl e'sPeople'sPeople'sBankBankBankBankofofo fofChinaChinaChinaChinaJuly,July,July,Ju ly,20212021202120211 ProgressProgressProgressProgressonononon ResearchResearchResearchResearchandandan dandDevelopmentDevelopmentDevelopmentDev elopmentofofofofE-CNYE-CNYE-CNYE-CNYinin ininChinaChinaChinaChinaIntroductionIntr oductionIntroductionIntroductionTherobus tdevelopmentofnetworktechnologyanddigita leconomycallforretailpaymentservicesthat aremoreconvenient,safe, ,centralbanksormonetaryauthoritieshaveke ptacloseeyeonFintechdevelopmentandsought todigitalizefiatcurrency, sBankofChina(PBOC) ,itsetupataskforcetostudydigitalfiatcurr ency,anditsscopeofresearchcoveredtheissu anceframework,keytechnologies,issuancean dcirculationenvironm

1.3 Cryptocurrencies, especially global stablecoins (GSC), have developed rapidly. Since the creation of Bitcoin, the private sector has launched a variety of so-called cryptocurrencies. According to incomplete statistics, there are over 10,000 kinds of cryptocurrencies which have gained some influence, whose total value exceeds USD1.3 trillion. 1

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