Transcription of ofE-CNY in China
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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 dcirculationenvironment, ,thePBOC establisheditsDigitalCurrencyInstitute, ,upontheapprovaloftheStateCouncil,thePBO C begantoworkwithcommercialinstitutionsind evelopingandtestingdigitalfiatcurrency(h ereinafterreferredtoase-CNY,aprovisional abbreviationfollowinginternationalpracti ces).
Singapore as well as the European Central Bank have all disclosed their considerations and plans regarding CBDC in various ways. Some central banks have initiated or even completed preliminary trials. 2. Definition, objectives and visions 2.1 Definition of e-CNY E-CNY is the digital version of fiat currency issued by the PBOC and operated by
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