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,apro)
Bank for International Settlements (BIS) on central banks in 65 countries or economies, about 86 percent have carried out researches on digital currencies. Meanwhile, the proportion of central banks that were performing experiments or developing a proof-of-concept prototype increased from 42 percent in 2019 to 60 percent in 2020.
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